XE Market Analysis: North America – Oct 20, 2017

The dollar has rallied across the board, up 0.4% versus the euro and by 0.7% 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 global bourses. USD-JPY rallied to a two-week high of 113.47, gaining over 60 pips from the pre-news levels. EUR-USD tumbled to a 1.1791 low from levels just above 1.1850.