U.S. Dollar Advances Ahead Of US Tax Vote

Date : 11/16/2017 @ 2:37AM
Source : RTTF2
Stock : Pound Sterling vs United States Dollar Spot (GBP/USD) (GBPUSD)
Quote : 1.40019  0.00056 (0.04%) @ 7:42PM
UK Pound vs US Dollar share price Chart

U.S. Dollar Advances Ahead Of US Tax Vote

UK Pound vs US Dollar (FX:GBPUSD)
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The U.S. dollar climbed against its major counterparts in the European session on Thursday, as positive U.S. consumer inflation and retail sales data underscored expectations for a Fed rate hike next month and investors awaited the House of Representatives' vote on tax legislation due later in the day.

The U.S. consumer price inflation matched forecasts and retail sales unexpectedly rose in October, separate reports showed on Wednesday.

The probability of the December rate hike has increased to 97 percent following the data, according to the CME Fed watch tool.

Investors also await progress on U.S. tax reform as House Republicans are expected to vote on the bill later today.

The House plan cuts the corporate tax rate to 20 percent from 35 percent and shrinks the tax brackets to four from seven, adding to more than $1.4 trillion federal deficit over a decade.

Meanwhile, the Senate Republicans' attempt to overhaul the tax code is facing opposition from two Republican lawmakers, as they raised concerns about the provisions of the bill.

Sen. Ron Johnson told Wednesday that he would not support the bill because it treats large corporations differently than small pass-through businesses.

The greenback traded mixed in the Asian session. While it rose against the yen and the franc, it held steady against the euro and the pound.

The greenback climbed to a 2-day high of 1.1757 against the euro, from a low of 1.1801 hit at 1:45 am ET. If the greenback extends rise, 1.16 is possibly seen as its next resistance level.

Final data from Eurostat showed that Eurozone inflation slowed slightly as initially estimated in October. Inflation eased to 1.4 percent in October from 1.5 percent in September.

The greenback advanced to a 2-day high of 0.9928 against the Swiss franc, compared to 0.9883 hit late New York Wednesday. The greenback is seen finding resistance around the 1.02 area.

The greenback that closed Wednesday's trading at 112.88 against the Japanese yen rose to 113.33. On the upside, 115.00 is possibly seen as the next resistance level for the greenback.

The greenback hit 0.6837 against the kiwi, its strongest since October 31. Continuation of the greenback's uptrend may see it challenging resistance around the 0.67 mark.

The greenback recovered to 1.2773 against the loonie, from an early low of 1.2754. Next key resistance for the greenback is seen around the 1.285 level.

On the flip side, the greenback dropped to 1.3200 against the pound, after having advanced to 1.3135 at 2:15 am ET. On the upside, 1.30 is possibly seen as the next resistance for the greenback.

Data from the Office for National Statistics showed that UK retail sales grew moderately in October.

Retail sales increased 0.3 percent in October from September, but slightly faster than the expected 0.2 percent.

The greenback held steady against the aussie, after having eased to 0.7609 from an early near a 5-month high of 0.7569. The pair closed Wednesday's trading at 0.7588.

Data from the Australian Bureau of Statistics showed that Australia's unemployment rate came in at a seasonally adjusted 5.4 percent in October.

That beat forecasts for 5.5 percent, which would have been unchanged from the September reading.

Looking ahead, U.S. weekly jobless claims for the week ended November 11, industrial production and export and import prices for October and NAHB housing market index for November as well as Canada manufacturing sales for September and ADP employment report for October are set for release in the New York session.

At 9:00 am ET, the Bank of England officials Mark Carney, Ben Broadbent, Jon Cunliffe, Jo Place, Dave Ramsden and Sam Woods will speak at Future Forum in St. George's Hall Liverpool.

At 12:00 pm ET, SNB board member Andrea Maechler delivers a speech titled "Capital market developments and Swiss monetary policy" at the SNB's Money Market Event, in Geneva.

The Federal Reserve Governor Lael Brainard speaks about financial technology at the Third Annual Financial Stability Conference hosted by the University of Michigan at 3:45 pm ET.

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