Xinhua, New York :
The US dollar jumped against most major currencies Friday amid rising expectations for a tax reform in the country.
US Senate Thursday passed a budget resolution for fiscal 2018, taking a big 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 bolstered investor appetite for the dollar on Friday.
The dollar index, which measures the greenback against six major peers, was up 0.48 percent at 93.715 in late trading.
Meanwhile, investors also kept a close eye on the remarks from Fed policymakers that suggest the central bank is moving forward with another rate hike in December.
Market expectations for a Fed rate hike in December stood at 91.7 percent, according to the CME Group’s Fedwatch tool.
In late New York trading, the euro decreased to 1.1777 dollars from 1.1834 dollars in the previous session, and the British pound increased to 1.3190 dollars from 1.3154 U.S. dollars in the previous session.
The US dollar jumped against most major currencies Friday amid rising expectations for a tax reform in the country.
US Senate Thursday passed a budget resolution for fiscal 2018, taking a big 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 bolstered investor appetite for the dollar on Friday.
The dollar index, which measures the greenback against six major peers, was up 0.48 percent at 93.715 in late trading.
Meanwhile, investors also kept a close eye on the remarks from Fed policymakers that suggest the central bank is moving forward with another rate hike in December.
Market expectations for a Fed rate hike in December stood at 91.7 percent, according to the CME Group’s Fedwatch tool.
In late New York trading, the euro decreased to 1.1777 dollars from 1.1834 dollars in the previous session, and the British pound increased to 1.3190 dollars from 1.3154 U.S. dollars in the previous session.
