The greenback recorded a two week high on Monday as traders rejoiced on the recent passage of the Senate tax bill.
On Saturday, the United States Senate authorized the tax reform, enabling President Trump to fulfill his goal of cutting taxes for businesses.
The good tax news from America had positive influence on the Asian stock market. On Monday opening, the EMini S&P stock futures ESc1 climbed 0.7 percent. Nikkei futures NKc1 rose more than 1 percent.
In the commodity market, oil went a little lower with Brent Crude LCOc1 shedding 5 cents and closing at $63.68 per barrel. U.S. West Texas Intermediate tumbled by 0.8 percent, or 46 cents, closing at $57.90.
The drop in U.S. oil was the direct result of an increase in the number of rigs recorded last week.
The greenback sharply climbed on Monday adding 0.45 percent to its value against the yen, closing at ¥112.790 and hitting a 2 and a half week high. The greenback gained a favorable boost following the recent tax reform approved by the U.S. Senate over the weekend.
It is hoped that the latest tax reduction for corporations will instigate higher growth rate for the U.S. economy and push Treasury yields to further highs.