The market was in a consolidation mode overall on Wednesday in the absence of market driver data. Kiwi had a bullish day after RBNZ meeting as central bank was more optimistic than before. The USD/CAD pair remains in a correction tone to the downside due to positive Canadian housing data.
Greenback Remains Soft on Worries That Tax Bill Reform Will Be Postponed
The U.S. dollar was trading soft overall. The U.S. Senate Banking Committee plans a confirmation hearing for Jerome Powell as Fed Chair by the end of this month, November 28th. The weakness on the greenback can be attributed also to concerns regarding Republican tax reform. A report released on Tuesday mentioned that U.S. tax reform plan may delay for a year, until 2019, disappointing investors.
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