USD under some pressure amid tax delay talk

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The US dollar enjoyed signs of progress on enacting a massive tax reform. The suggested changes include changes to income taxes, estate taxes, and corporate taxes. The massive reforms could boost the US economy, at least in the short run.

But now, there are reports about a delay in the corporate tax cut. The Washington Post says that a delay of one year could happen due to disagreements. Republicans control the House and the Senate but have failed to reach agreements among themselves. They have repeatedly run into difficulties when tackling healthcare. Changes to taxes were supposed to be easier to agree upon. But apparently, this is not the case.

The news weighs on the greenback which is sliding across the board. The moves are not huge and allow the dollar to take a breather after the previous gains.

In other US political news, Democrats won a series of elections. This includes the governorships of Virgina and New Jersey, the mayorship of New York City and a few other low-tier races.

There are no really important figures released today in the US, allowing for political news to take center stage.

More: EUR/USD: can it move up from here? Two opinions

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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