Forex — Dollar Remains Moderately Lower With eyes on the tax notice





© Reuters. Dollar still on the debit side, the US tax bill notice

Investing.com — The dollar remained moderately lower against the other major currencies on Thursday as markets eye U.S. tax liability set will be presented later in the day.

The greenback came under pressure as US-to proclaim legislators were set, plans for a measure that will seek up to $6 trillion in tax cuts over 10 years.

Also on Thursday, U.S. President Donald Trump was expected to nominate Fed Governor Jerome Powell, seen as less radical than other candidates, as the next Chairman of the US Central Bank.

At the conclusion of its monetary policy meeting on Wednesday, the Fed’s interest rates left unchanged as expected, but further added to the expectations for a December rate hike by highlighting the «solid» economic growth and a strengthening of the labour market.

The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.17% 94.55 from 06:15 a.m. ET (10:15 GMT).

The pound edges lower, with GBP/USD down 0.09% at 1.3222, after data showed that the British construction sector expanded more than expected in October.

Investors were cautious before the Bank of England’s policy meeting later in the day. The Central Bank was, in General, interest rates increase expected, for the first time in almost a decade.

The euro moved higher, with EUR/USD up to 0.22 at 1.1644.

Elsewhere, the yen was stable, the USD/JPY at 114.09, while the USD/CHF 0.34% trade 0.9999 slipped.

The Australian and new Zealand dollars were stronger, with AUD/USD up 0.34% at 0.7703 and with NZD/USD advancing 0.41% to 0.6915.

Earlier Thursday, the Australian Bureau of Statistics said the trade surplus widened to A$1.745 billion in September from$0.873 billion in August. Analysts had expected the trade surplus to A$1.200 billion in September.

A separate report showed that Australian building permits rose 1.5% in September, beating expectations for a decline of 1.0% and an increase of 0.1% in the previous month.

Meanwhile, USD/CAD 0.19% edged lower to 1.2841.



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