· The dollar retreated against most currencies except the yen and Swiss franc on Wednesday, with the greenback seen having limited upside potential given that investors have already factored in a comprehensive U.S. tax bill that is all but certain to be signed into law by President Donald Trump.
U.S. Treasury prices fell following the vote, with yields on the 10-year U.S. Treasury rising to their highest levels since March. Yields on the 10-year note stood at 2.49 percent at 9:01 a.m. HK/SIN.
Following the vote, the dollar traded lower against a basket of currencies, with the dollar index slipping to 93.316 at 8:37 a.m. HK/SIN, compared to Wednesday's close of 93.351.
In late trading, the dollar index fell 0.1 percent to 93.309 . That led the euro to rise 0.3 percent versus the dollar to $1.1879
Against the yen , however, the dollar rose to one-week highs and was last at 113.39 yen, up 0.5 percent.
· The Republican-controlled U.S. House of Representatives gave final approval on Wednesday to the biggest overhaul of the U.S. tax code in 30 years, sending a sweeping $1.5 trillion tax bill to President Donald Trump for his signature.
The House approved the measure by 224-201, passing it for the second time in two days after a procedural foul-up forced another vote on Wednesday. The Republican-led Senate had passed it 51-48 in the early hours of Wednesday.
· U.S. President Donald Trump on Wednesday threatened to cut off financial aid to countries that vote in favor of a draft United Nations resolution calling for the United States to withdraw its decision to recognize Jerusalem as Israel’s capital.
· U.S. home sales increased more than expected in November, hitting their highest level in nearly 11 years, the latest indication that housing was regaining momentum after almost stalling this year.
· Crude prices rose on Wednesday, supported by a larger-than-expected drop in U.S. inventories and the continued outage of the North Sea Forties pipeline system.
West Texas Intermediate crude futures settled up 53 cents at $58.09 a barrel, while Brent crude ended up 76 cents at $64.56 a barrel.
· U.S. crude stocks fell by 6.5 million barrels, more than expected, in the week to Dec. 15, while gasoline stocks rose 1.2 million barrels, less than anticipated, the Energy Information Administration said on Wednesday, even though refining activity rose.
Reference: Reuters
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