Forex – Dollar holds steady after Trump tax reform announcement

© Reuters. Dollar little changed vs. rivals after lack of details on U.S. tax reform – The dollar held steady against other major currencies on Thursday, after and as investors awaited the European Central Bank’s monetary policy decision later in the day.

was little changed at 1.0903, off a five-month peak of 1.0951 hit on Wednesday.

The dollar found support after Donald Trump confirmed that his tax reform plan would cut the income tax rate paid by public corporations to 15% from 35% and make major changes to the individual-tax system.

However, the one page plan offered little new information on how it would be paid for and is likely to face legislative hurdles.

Later Thursday, the ECB was expected to leave interest rates unchanged. Market participants were especially interested in the ECB President Mario Draghi’s press conference, scheduled shortly after the policy decision, for indications on the central bank’s future policy moves.

Elsewhere, gained 0.33% to 1.2886, after hitting a six-month peak of 1.2915 overnight.

rose 0.28% to 111.37, off a one-week trough of 111.03 reached earlier in the session, while was almost unchanged at 0.9931.

The Bank of Japan on Thursday, in a widely expected move.

The Australian and New Zealand dollars were steady, with at 0.7471 and with at 0.6889.

Meanwhile, slipped 0.29% to 1.3581, after climbing to fresh a 14-month high of 1.3648 overnight after the U.S. President said but renegotiate it instead.

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 98.86.

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