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Rich Asplund

Dollar Finishes Slightly Higher as House Republicans Push Forward Tax Cut Proposals

United States Bostic Donald Trump US Federal Reserve Atlanta Fed Inflation Atlanta

The dollar index (DXY00) Wednesday rose by +0.17%.  The dollar Wednesday posted modest gains on improved chances for early action on President Trump’s tax cut plans after House Republicans passed a budget blueprint Tuesday evening.  Hawkish comments Wednesday from Atlanta Fed President Bostic also supported the dollar when he said the Fed needs to keep monetary policy restrictive to put downward pressure on inflation.  Gains in the dollar were limited after US Jan new home sales fell more than expected. 

US Jan new home sales fell -10.5% m/m to 657,000, weaker than expectations of 680,000.

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