© Reuters. Dollar remains supported against competitors such as the US tax reform hopes, support
Investing.com — The dollar was higher against other major currencies on Friday, supported by hopes for an imminent U.S. fiscal plan, and the December interest rate increase by the Federal Reserve, while investors on the release of U.S. data due out later in the day.
The greenback strengthened after US President Donald Trump presented a plan on Wednesday, calling for lower tax rates for businesses and individuals as part of a comprehensive overhaul of the U.S. tax code.
Win, were limited, however, because the proposal to split before a tough battle in the US Congress, the Republican party and Democrats the enemy.
The sentiment on the US dollar remain supported as the Fed Chairman Janet called Yellen, the increases for the step-wise interest rates in a speech on Tuesday.
Market participants with a view to the release of U.S. reports on personal spending and consumer confidence due later Friday for further indications on the strength of the economy.
EUR/USD easing 0.08% to 1.1777, while GBP/USD slipped 0.22% to trade 1.3412.
The pound was strengthened after the UK the UK’s EU-exit Secretary David Davis said «significant progress» had been made in talks.
However, the European Union negotiator, Michel Barnier, warned that Britain was «to negotiate months» away from the location of a future deal, with huge divisions between the UK and the EU.
Elsewhere, the yen has been gaining lower in USD/JPY up 0.35% to 112.68.
Earlier Friday, data showed that Japan’s industrial production rose by 2.1% in August, beating analysts ‘ expectations.
Household spending rose less than expected in August, with an annualized gain of 0.6%.
A separate report showed that Japan’s consumer-price index rose 0.7% last month, in line with expectations.
The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.14% 93.08 02:25 PM ET (06:20 GMT), Thursday a high of 93.50.