US dollar declines amid tax reform uncertainty

New York, Nov 15 : The US dollar declined against most major currencies as uncertainty about proposed tax reform and the economy’s ability to more interest rate hikes remains.

In late New York trading on Tuesday, the euro increased to $1.1795 from $1.1668 in the previous session, and the British pound increased to $1.3170 from $1.3116 in the previous session, Xinhua news agency reported.

The Australian dollar rose to $0.7635 from $0.7625.

The dollar bought 113.38 Japanese yen, lower than 113.62 yen of the previous session. The US dollar declined to 0.9893 Swiss franc from 0.9961 Swiss franc, and it was up to 1.2731 Canadian dollars from 1.2728 Canadian dollars.

Worries that US corporate tax cut could be delayed to 2019 have sent the greenback down lately.

In addition, investors were also worried about rising interest rates, said analysts.

Expectations for a December rate hike stood at 96.7 per cent, according to the CME Group’s FedWatch tool.

The dollar index, which measures the greenback against six major peers, was down 0.72 per cent at 93.812 in late trading.

/IANS

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