US Dollar Jumps on Hopes for Tax Cuts as Senate Passes Budget Blueprint

The US dollar jumped today, registering the biggest daily gain in a month, due to the hopes for the tax reform promised by US President Donald Trump.

US Senate approved a budget draft for the 2018 fiscal year with a simple majority. That should allowed Republicans to pursue tax cuts without support from Democrats. That, and also the outlook for an interest rate hike from the Federal Reserve, made the dollar a very appealing currency to traders.

EUR/USD dropped from 1.1851 to settle at 1.1779. USD/CHF jumped from 0.9761 to 0.9842.

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