Forex – Dollar edges higher with eyes on Trump tax announcement

© Reuters. Dollar moves slightly higher ahead of Trump tax news – The dollar edged higher against other major currencies on Wednesday, as investors awaited due later in the day from U.S. President Donald Trump’s administration.

slipped 0.28% to 1.0903, just off a five-month peak of 1.0951 hit overnight.

The dollar was boosted by reports the U.S. tax reform proposals would include cutting the corporate tax rate and lower taxes on offshore earnings of U.S. companies overseas.

The threat of a U.S. government shutdown this weekend also receded after Trump indicated that he is flexible about waiting to secure funding for his promised border wall with Mexico, in a shift that could clear the way for lawmakers to reach a deal.

Investors were also still digesting centrist candidate in the first round of France’s presidential election on Sunday.

Elsewhere, fell 0.15% to 1.2820.

eased up 0.09% to 111.19, easing off a one-week trough of 110.97 hit earlier in the session, while was almost unchanged at 0.9942.

The Australian and New Zealand dollars were weaker, with down 0.42% at 0.7504 and with declining 0.62% to 0.6912.

Earlier Wednesday, the Australian Bureau of Statistics reported that the rose 0.5% in the first quarter, confounding expectations for a 0.6% gain, after a 0.5% rise in the three months to December.

Year-on-year, gained 2.1% in the last quarter, compared to expectations for an increase of 2.2%.

Meanwhile, was little changed at 1.3573, after climbing to a 14-month high of 1.3626 on Tuesday amid between Canada and the U.S.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.16% at 98.88, just off the previous session’s five-month lows of 98.56.

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