USD Rising Steadily

All major currencies seem to be losing to the dollar, despite tax reform struggles.

Economic News
07 lis 2017
USD Rising Steadily

The American dollar continues to make gains on all major currencies, despite some political unrest surrounding Trump’s proposed tax reform. This is particularly evident in the case of the euro, which has dropped below 1.16 against the dollar, its lowest level in at least three months. The strength of the dollar is also pointed out by the dollar index, which is up at 94.97.

The American currency right now is largely supported by the fact that investors anticipate an interest rate increase in December with almost absolute certainty. Furthermore, the choice of Jerome Powell as next Fed chief is a sign that the Fed will continue to work in the way we’ve known it over the past few years under Yellen, which is also encouraging traders.

The only source of insecurity of the dollar comes in the form of Trump’s proposed tax reform. Trump doesn’t have the support of Democrats and is also losing some of the Republicans, who oppose the bill because it would substantially increase the budget deficit.

The USD is also making steady gains on the Japanese yen due to the completely divergent policies of the two countries. While the United States are looking for opportunities to tighten their monetary policy with an interest rate hike, the Bank of Japan is intent on expanding its stimulus program in order to increase inflation.

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