The US dollar ended the uneventful week somewhat soft, falling against its major rivals. With absence of major economic releases, markets focused on the US tax bills.
Investors were hoping that tax cuts promised by President Donald Trump will bolster the US economy. Yet the bill presented by the Senate was different compared to the one proposed by the House of Representatives, offering to delay corporate tax cuts by a year. That cast more doubts over Trump’s ability to fulfill his election promises. That hurt the dollar a bit.
Next week should be much more eventful, at least in terms of macroeconomic data. There will be economic releases every single day. Wednesday will be especially important with plenty of reports, including inflation and retail sales data.
EUR/USD rose from 1.1615 to 1.1663, bouncing from the weekly low of 1.1553. GBP/USD edged up from 1.3071 to 1.3188. USD/JPY ticked down from 114.01 to 113.49.
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