U.S. Dollar Dropped Against a Basket of Currencies Amid Political Rift

The greenback declined versus other major currencies on Thursday because of the absence of development in the tax reform. This was further aggravated by the dovish decision of Fed on Wednesday policy meeting adding pressure to the currency while the people expects the opposite but a hawkish tone instead.

The dollar index .DXY was seen to decline 0.2 percent at 101.010 matched against a basket of six major currencies. Worries over French election campaign arising political conflict among candidates and the President Trump’s policy agenda growing demand for safe-haven yen. Although the new U.S. Treasury secretary saying that Trump’s policies would have a minimal effect for this year. He added that president aims to pass the tax reform prior the Congress Recess this coming August.