Steady gains for the dollar as U.S. tax bill ratification process progresses
The greenback grew stronger versus the yen and the euro on Monday as the U.S. tax reform progressed closer to ratifications over the weekend. Prominent Republicans expect that the tax bill will be passed by the Congress next week. With a scheduled Senate vote as soon as Tuesday and U.S. President Trump signing the bill by the end of the week.
Despite that, the greenback’s gains were limited since investors chose to approach trading with caution at least until the bill is complete. The dollar went 0.1 percent higher against the yen closing at 112.750 yen. The dollar index climbed by 0.1 percent to 94.007.
Asian markets climb amidst U.S. tax cut anticipation
On Monday, the Asian market edged higher on hopes that the U.S. tax cuts bill would pass sooner than initially expected. The cuts will possibly lessen corporate taxes from the current 35 percent to 21 percent. This has been a significant stimulant for current year’s global stock market.
MSCI’s largest index of Asia Pacific markets out of Japan .MIAPJ0000PUS rose 0.1 percent, following its rise of 0.8 percent the previous week. Nikkei .N225 of Japan increased 1 percent to 22,795, close to a 25 year highs of 23,382 set the previous month. Australian shares rose 0.6 percent moving closer to a level last seen early in 2008.