US Dollar Opens Sharply Higher as Markets Reopen

The US dollar opened sharply higher at the start of the trading session after markets got chance to react to the news that the US Senate passed the tax reform bill.

Markets could not react to the news immediately as the announcement came out after trading ended. But after markets reopened, the dollar surged on hopes that the proposed tax cuts will reinvigorate the economy. But it is too early to rejoice just yet as the Senate and the House of Representatives have to reconcile differences between their versions of the bill, and there are concerns that the resulting bill will not have a significant impact on economic growth.

EUR/USD slid from 1.1861 to 1.1849 as of 11:10 GMT today after closing at 1.1893. USD/CHF rallied from 0.9806 to 0.9841.

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