XE Market Analysis: Europe – Oct 20, 2017

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The dollar has rallied across the board, up 0.3% versus the euro and by 0.6% against the yen, following news that the U.S. Senate had passed a budget blueprint that will help push forward the Republican party’s planned $1.5 tln tax cut. The news came after the close of Wall Street, and sparked a rally in U.S. equity index futures while lifting bourses across the Asia-Pacific region. USD-JPY rallied to a two-week high of 113.30, gaining over 60 pips from the pre-news levels. EUR-USD tumbled to a 1.1804 low from levels just above 1.1850.