The U.S. dollar decreased against most other major currencies on Thursday as Wall Street digested the newly-released announcement about tax reform.
Republicans in the U.S. House of Representatives on Thursday unveiled the long-awaited bill to overhaul the U.S. tax code in decades by significantly cutting individual and corporate income taxes.
The bill, called the "Tax Cuts and Jobs Act," was largely in line with the unified framework for tax reform that the Trump administration and congressional Republican leaders released in late September.
It would reduce the number of personal income tax brackets from seven to four, while keeping the top individual income tax rate at 39.6 percent. It would also cut the corporate income tax rate to 20 percent from 35 percent.
Meanwhile, U.S. President Donald Trump on Thursday announced his nomination of Federal Reserve Governor Jerome Powell to succeed Fed Chair Janet Yellen whose term expires in February.
Powell's nomination to head the U.S. central bank is widely regarded as a "safe choice" for the Trump administration, as he holds similar views with Yellen in terms of monetary policy approach as well as openness to deregulation which the Trump administration is advocating.
On the economic front, in the week ending October 28, the advance figure for seasonally adjusted initial claims was 229,000, a decrease of 5,000 from the previous week's revised level, according to the U.S. Labor Department Thursday.
The dollar index, which measures the greenback against six major peers, decreased 0.14 percent at 94.685 in late trading.
In late New York trading, the euro rose to 1.1661 dollars from 1.1622 dollars in the previous session, and the British pound lost to 1.3063 dollars from 1.3254 U.S. dollars in the previous session. The Australian dollar gained to 0.7718 dollar from 0.7669 dollar.
The U.S. dollar bought 113.99 Japanese yen, lower than 114.18 yen of the previous session. The U.S. dollar dipped to 0.9992 Swiss franc from 1.0031 Swiss francs, and it moved down to 1.2808 Canadian dollars from 1.2878 Canadian dollars.
Republicans in the U.S. House of Representatives on Thursday unveiled the long-awaited bill to overhaul the U.S. tax code in decades by significantly cutting individual and corporate income taxes.
The bill, called the "Tax Cuts and Jobs Act," was largely in line with the unified framework for tax reform that the Trump administration and congressional Republican leaders released in late September.
It would reduce the number of personal income tax brackets from seven to four, while keeping the top individual income tax rate at 39.6 percent. It would also cut the corporate income tax rate to 20 percent from 35 percent.
Meanwhile, U.S. President Donald Trump on Thursday announced his nomination of Federal Reserve Governor Jerome Powell to succeed Fed Chair Janet Yellen whose term expires in February.
Powell's nomination to head the U.S. central bank is widely regarded as a "safe choice" for the Trump administration, as he holds similar views with Yellen in terms of monetary policy approach as well as openness to deregulation which the Trump administration is advocating.
On the economic front, in the week ending October 28, the advance figure for seasonally adjusted initial claims was 229,000, a decrease of 5,000 from the previous week's revised level, according to the U.S. Labor Department Thursday.
The dollar index, which measures the greenback against six major peers, decreased 0.14 percent at 94.685 in late trading.
In late New York trading, the euro rose to 1.1661 dollars from 1.1622 dollars in the previous session, and the British pound lost to 1.3063 dollars from 1.3254 U.S. dollars in the previous session. The Australian dollar gained to 0.7718 dollar from 0.7669 dollar.
The U.S. dollar bought 113.99 Japanese yen, lower than 114.18 yen of the previous session. The U.S. dollar dipped to 0.9992 Swiss franc from 1.0031 Swiss francs, and it moved down to 1.2808 Canadian dollars from 1.2878 Canadian dollars.
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