Market News

The U.S. Senate narrowly approved a tax overhaul on Saturday, moving Republicans and President Donald Trump a big step closer to their goal of slashing taxes for businesses and the rich while offering everyday Americans a mixed bag of changes.

The sweeping tax overhaul that passed the U.S. Senate on Saturday contains the Republicans’ biggest blow yet to former President Barack Obama’s healthcare law, repealing the requirement that all Americans obtain health insurance.

The greenback slipped against a basket of currencies on Friday after ABC News reported that Michael Flynn, a former adviser to U.S. President Donald Trump, said he was prepared to testify that Trump directed him to make contact with the Russians when he was a presidential candidate.

A measure of U.S. factory activity fell more than expected in November as a gauge of employment cooled, but the index continued to point to strengthening manufacturing conditions.

The next two weeks will determine whether Britain avoids further costly delays in giving business assurances of a smooth exit from the European Union and free trade in the future.

Hiring in Canada unexpectedly surged in November, sending the unemployment rate tumbling to a more than nine-year low as there were more people working in the trade and manufacturing sectors, data from Statistics Canada showed on Friday.

Canadian economic growth slowed to 1.7 percent in the third quarter, coming off a hot first half of the year as exports tumbled and businesses pulled back on investment, data from Statistics Canada showed on Friday.

EUR & GBP were both down and out for the count during the session. And while the risk-off vibes gave JPY and CHF a boost, the two safe-haven currencies weren’t the top dogs since both lost out to the higher-yielding NZD.

European stocks wilted after a delay in a vote on tax reform in the U.S. deflated a rally in financials and drove regional benchmarks to start December with a loss.

Sterling slipped from a two-month high against the dollar on Friday, getting only a temporary boost from better-than-expected UK manufacturing data, as investors flagged concerns about Britain reaching a deal with the EU over the Irish border.

Executives from Chinese companies specializing in offering consumers small, easy-to-get loans became something of a fixture on Wall Street this year.

Price action was a snoozefest for the major currencies, except for the pound which struggled at key resistance areas and the Canadian dollar which was still supported by OPEC’s output deal extension.

Oil futures rose on Friday after OPEC and other major producers agreed to extend their production curbs in a widely expected move aimed at ending a persistent glut in global supplies.

Japan’s core consumer prices rose in October from a year earlier, marking the 10th straight month of gains, but a narrower measure that excludes energy showed inflation has not accelerated for three consecutive months.

The U.S. Senate on Thursday delayed voting on a Republican tax overhaul as the bill was tripped up by problems with an amendment sought by fiscal hawks.

The spotlight was still on tax reform in the U.S. as the Senate moved closer to voting on their version of the bill, but a few more happenings in Washington also influenced dollar price action.

The Canadian dollar clawed back losses against the greenback on Thursday, after hitting an earlier four-week low as data showed widening in the country’s current account deficit.

The dollar slipped to a four-day low against the euro on Thursday, hurt by selling pressure due to month-end adjustments, but rallied against the Japanese yen as U.S. Treasury yields rose on optimism about U.S. tax overhaul efforts.

Sterling topped $1.35 on Thursday, hitting a two-month peak, as hopes grew of a deal between Britain and the European Union at a summit next month.

The dollar slipped to a four-day low against the euro and was generally softer against most other major currencies, as its rebound after last week’s weakness ran out of steam and month-end adjustments created selling pressure.