The U.S. dollar climbed against most major currencies on Monday as tax reform expectation in the country continued to boost the market.
U.S. Treasury Secretary Steven Mnuchin said on Friday that he expects a Republican tax reform bill to be sent to U.S. President Donald Trump by Christmas this year, raising market expectation for a new tax plan by the end of this year.
Meanwhile, the euro was under pressure as the three-party exploratory talks for the formation of Germany's new government failed late Sunday night, putting German Chancellor Angela Merkel under the biggest political crisis since she took office 12 years ago.
The shared currency went down nearly 0.5 percent against the greenback on Monday. The dollar index, which measures the greenback against six major peers, was up 0.40 percent at 94.038 in late trading.
In late New York trading, the euro fell to 1.1734 U.S. dollars from 1.1796 U.S. dollars, and the British pound rose to 1.3242 U.S. dollars from 1.3210 U.S. dollars. The Australian dollar decreased to 0.7548 U.S. dollar from 0.7566 U.S. dollar.
The U.S. dollar bought 112.64 Japanese yen, higher than 112.12 yen of the previous session. The U.S. dollar gained to 0.9929 Swiss franc from 0.9887 Swiss franc, and it edged up to 1.2796 Canadian dollars from 1.2767 Canadian dollars.
U.S. Treasury Secretary Steven Mnuchin said on Friday that he expects a Republican tax reform bill to be sent to U.S. President Donald Trump by Christmas this year, raising market expectation for a new tax plan by the end of this year.
Meanwhile, the euro was under pressure as the three-party exploratory talks for the formation of Germany's new government failed late Sunday night, putting German Chancellor Angela Merkel under the biggest political crisis since she took office 12 years ago.
The shared currency went down nearly 0.5 percent against the greenback on Monday. The dollar index, which measures the greenback against six major peers, was up 0.40 percent at 94.038 in late trading.
In late New York trading, the euro fell to 1.1734 U.S. dollars from 1.1796 U.S. dollars, and the British pound rose to 1.3242 U.S. dollars from 1.3210 U.S. dollars. The Australian dollar decreased to 0.7548 U.S. dollar from 0.7566 U.S. dollar.
The U.S. dollar bought 112.64 Japanese yen, higher than 112.12 yen of the previous session. The U.S. dollar gained to 0.9929 Swiss franc from 0.9887 Swiss franc, and it edged up to 1.2796 Canadian dollars from 1.2767 Canadian dollars.
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