Today, the final test for the US tax legislation begins. If the bill passes through both Congress chambers, then President Trump is expected it sign it by the end of the week. Overnight, the RBA minutes painted the same picture as the meeting statement, with AUD remaining relatively untouched.
US Tax Plan Faces its Final Test
The dollar traded lower against most of its G10 counterparts on Monday. It gained only against CAD and NZD. With no clear fundamental catalyst behind the decline, we believe that this could be due to some dollar-bulls locking profits following Friday’s rally.
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