U.S. dollar rises amid tax-reform hopes
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E-mail Xinhua, October 24, 2017
NEW YORK, Oct. 23 (Xinhua) -- The U.S. dollar climbed against most major currencies on Monday amid rising expectations for a tax reform in the country.
U.S. Senate on Thursday passed a budget resolution for fiscal 2018, taking a crucial step to push forward tax reform without support from Democrats.
In a 51-49 vote primarily along party lines, the Senate Republicans approved the budget which would allow their tax plan to add up to 1.5 trillion U.S. dollars to the deficit over a decade.
Analysts said progress on U.S. tax reforms continued to bolster investor appetite for the dollar on Monday.
Meanwhile, the market kept a close eye on the candidates for the position of Federal Reserve Chair when current Fed Chair Janet Yellen's term expires in February next year.
U.S. President Donald Trump said on Monday that he would make his choice on the position "very shortly" and was weighing at least three people: Janet Yellen, Fed Governor Jerome Powell and Stanford University economist John Taylor, according to CNBC.
The dollar index, which measures the greenback against six major peers, was up 0.31 percent at 93.991 in late trading on Monday.
In late New York trading, the euro fell to 1.1734 U.S. dollars from 1.1777 U.S. dollars, and the British pound rose to 1.3199 U.S. dollars from 1.3190 U.S. dollars. The Australian dollar decreased to 0.7800 U.S. dollar from 0.7815 U.S. dollar.
The U.S. dollar bought 113.74 Japanese yen, higher than 113.54 yen of the previous session. The U.S. dollar climbed to 0.9868 Swiss franc from 0.9847 Swiss franc, and it edged up to 1.2651 Canadian dollars from 1.2621 Canadian dollars. Enditem
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