US Dollar Stays Unsteady Awaiting Tax Reform

The US dollar is trading in a narrow range against the major currencies, as the results of voting in the Senate on tax reform in the US are expected on the market. The US currency fell by 0.1% against the Japanese yen and traded near a two-month low (111.00). The dollar declined by 3.4% against the yen, down from the eight-month high, set in early November (114.735).

Recently, the growth of the dollar is hampered by uncertainty about the prospects for tax reforms in the US, including tax cuts. Republicans in the Senate are hoping to approve a bill to revise the US tax code this week on Thursday.