On the last day of the trading month, the US Dollar Index is poised to record a loss for the month with wary investors keeping a watchful eye on the passage of tax reform legislation in the United States. Senators could vote today on the bill. Despite upbeat data, investors appear to be focused on the US Congress. Yesterday, data showed unexpected growth in the third quarter, as well as an improvement in pending home sales on a month-over-month basis. Personal consumption expenditures were flat for the quarter.
As reported at 10:47 am (GMT) in London, the EUR/USD was trading at $1.1826, down 0.20%; the pair touched on a session low of $1.18080 while the peak is at $1.18759. The USD/JPY was trading higher at 112.41 Yen, a gain of 0.38%, the pair has ranged from a low of 111.888 Yen to a high of 112.482 Yen. The US Dollar Index, viewed as a gauge to measure the greenback’s value versus a basket of rivals, was at 93.392 .DXY, a gain of 0.24%.
Pound Boosted on Brexit Hopes
The Pound Sterling was higher against the US Dollar and investors believe it is generally Brexit related. One media report from yesterday said that the British government would likely need to pay close to €50 billion to move forward on Brexit talks which seem to have stalled. Investors are hoping that that report erred on the side of caution and that the actual cost will be significantly less. The GBP/USD pair was up 0.33% and trading at $1.3459.