Forex - Dollar Hit by Trump Tax Plan Doubts Euro Higher

© Reuters. Dollar hit by Trump tax plan doubts, euro higher

Investing.com - The dollar was trading at more than one week lows against a basket of the other major currencies on Wednesday amid uncertainty over President Donald Trump’s tax plan, while the euro was higher as fears over Catalonia eased.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.1% to 92.99 by 02:45 AM ET (06:45 GMT), the lowest level since September 29.

The dollar remained under pressure as with Republican Senator Bob Corker raised concerns that his push for a tax-code overhaul could stall.

The dollar was little changed against the yen, with last at 112.36, after hitting an overnight low of 112.23.

Stronger than expected data on U.S. wage growth boosted the dollar to three week highs against the yen on Friday before a fresh escalation in tensions with North Korea cut the dollar’s gains.

Investors were awaiting the release of the minutes of the Federal Reserve’s September meeting later in the trading day. The Fed indicated at the meeting that it intends to raise rates once more this year and three times in 2018.

The euro remained supported after Catalonia’s leader Carles Puigdemont on Tuesday backed away from a declaration of independence from Spain that would take immediate effect, opening the door to negotiations with Madrid.

was last up 0.18% to 1.1827, the most since September 26.

The euro had already been boosted by strong economic reports out of Germany earlier this week.

The pound was almost flat, with at 1.3198. Sterling rose 0.5% on Tuesday after stronger-than-expected British industry data underlined expectations that the Bank of England will raise interest rates next month.

The Australian dollar was a touch higher, with at 0.7784 after rising as high as 0.7809 overnight following upbeat consumer confidence data.

The New Zealand dollar remained within striking distance of four month lows, with at 0.7072 as continued to weigh in the wake of the country’s inconclusive general elections.

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