XE Market Analysis: North America – Dec 04, 2017

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The dollar rallied on the Senate’s tax cut vote, with USD-JPY rising by over 0.7% in clocking a three-week high of 113.07 and EUR-USD ebbing by nearly 0.5% in making a two-session low of 1.1836, which is near the midway level of the range that’s been seen over the last three months. The yen’s underperformance drove EUR-JPY to a four-month high, at 134.29. The dynamic happened in Asia, before the London open, after which narrow ranges prevailed. EUR-USD settled around the 1.1850-60 area. We anticipated the broadly sideways chop will continue for now.