US Dollar Posts Limited Gains as Week Starts

The US dollar was trading marginally higher against its major peers on Monday, though it logged more substantial gains versus the vulnerable Great Britain pound and was almost flat versus the euro.

The dollar had some support from the general risk aversion as well as from the specific concerns about the political turmoil in the United Kingdom. Meanwhile, traders were waiting for the outcome of the debates about the long-awaited tax reform in the United States. US President Donald Trump sounded optimistic, saying in his Twitter post today:

I am proud of the Rep. House & Senate for working so hard on cutting taxes {& reform.} We’re getting close!

EUR/USD traded at 1.1665 as of 21:48 GMT today after opening at 1.1657 and falling to the daily low of 1.1637. USD/JPY ticked up from 113.49 to 113.62, bouncing from the daily low of 113.23.

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