US dollar hit from 2 sides

9 November, 2017

The US dollar is under pressure against the major currencies today as fears grow over the possibility of tax reform as well as disastrous results for Trumps political party in the elections.

As with most of the US president’s policies, the tax reform bill has hit headwinds between political members in the US and it now seems that the tax reform in its current state will not pass.

The US dollar has made significant progress in the last week or so against the majors as analysts had been predicting there was main stream support to pass the tax legislation but now that it has become clear this is not the case, the US dollar is bound to give up some of its recent gains.

“The initial phases of discussions within the House have brought up a lot of divisions and problems, so the House version itself is going to change before we’ve even got wind of what the Senate version is going to be,” said MUFG’s European head of global markets research in London, Derek Halpenny.

Another factor hurting the green back today was the results of  elections for governor in west Virginia and new Jersey where in both cases, democratic candidates won and were elected by wide margins which is seen as a rebuke of Donald Trump as the republican party had previously held both positions.

Although there was a good voter turnout in both elections, it seems that republicans changing parties was the turning point which is a scary thing for Trump who has only been president for one year

“I do believe that this is a referendum on this administration, democrats turned out tonight, but I’m pretty sure there were some Republicans who spoke loudly and clearly tonight as well.” Noted Representative Scott Taylor, a Republican from Virginia Beach


Source link  
Pound surges, rate hike may follow

The British pound is powering ahead today against its US counterpart as more positive data raises speculation that a rate hike from the Bank...

Gold may rally towards years end

After a horror 6 months the gold price has found much needed support over the last 4 weeks and is now sitting above the $1,200 mark and depending...

New tariffs lift US dollar

As widely expected, US President Donald Trump has slapped another $200 billion worth of tariffs on Chinese goods which has caused a lift in the US dollar today against the major...


Will the US dollar jump on Thursday?

The US China trade war has now come to the top of the headlines again with US President Donald Trump keen to go ahead with an extra $200 billion...

Big Money is avoiding the pound

Just when we thought that a deal between the European Union and Great Britain was in the making and thus avoiding a hard Brexit, another spanner...

Pound gains on Brexit negotiations

The British pound has surged back through the $1.30 mark after progress made today on Brexit negotiations raised speculation that a deal...


IEA report siks oil

The oil price had a rough time last week, hitting its lowest level since join after a report by the energy watchdog showed rising inventories which raises concerns over global growth...

Gold in the hands of the US dollar

The last 2 months has been extremely painful for those who invested in gold with the precious metal plummeting more than $100 and at the time...

Is Yen finished as a safe haven currency?

Along with the Swiss Franc, the Japanese Yen has historically been the other currency that the market has deemed a safe haven in times of financial instability...


In the past 24 hours Bitcoin has gained 0.33% and reached $6483.09561171. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has gained 0.6352% and is now at $1.1587. Start trading and making money on Forex today.

In the past 7 days Ethereum has gained 2.94% and is now at $205.557829363. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets91%
2FXTMFXTM88%
3HYCMHYCM87%
4Alfa-ForexAlfa-Forex86%
5FxProFxPro85%
6FIBO GroupFIBO Group84%
7OctaFXOctaFX83%
8HotForexHotForex82%
9FXCMFXCM80%
10AvaTradeAvaTrade77%
  


Share: