US Dollar is Faced With the Uncertainty of Tax Reform

The US dollar is trading as the weakest major currency for the week, amid concerns about the tax plan. According to analysts, any potential delay in implementing tax cuts or the possibility of implementing proposed reforms will tend to reduce the US dollar.

Initial jobless claims in the US increased by 10 thousand to 239 thousand for the week ending November 4, which is higher than the expectations of 231 thousand. Continuing claims increased by 17 thousand to 1.9 million, for the week ending October 28.

The European Commission said that in 2017, the growth of the EU economy is likely to exceed the forecasts made in May due to strong private consumption and the restoration of the world economy. It is also expected, that the UK economy, which is preparing for withdrawal from the EU, will grow by 1.5% in 2017, by 1.3% in 2018, and by 1.1% in 2019.