The NZD leads the way, while the GBP is the laggard
The dollar remains weighed down by the tax bill uncertainties (ICYMI here). Voting is expected to pass through around Tuesday or Wednesday, but we all know things could easily extend beyond that. The GOP is trying to push for the bill to be signed by Trump before Christmas, so we'll see if things progress later tonight or over the weekend.
Anyway, the NZD is the leader of the pack today - as I mentioned earlier a bounce from short covering of the kiwi in the AUD/NZD is pushing the NZD higher. Meanwhile, USD/CAD is resuming its downtrend and the loonie is picking up some nice pips as well as sellers took back control following BOC Poloz's comments yesterday (here).
Other pairs are just nudging higher against the dollar a little. Meanwhile, EUR/USD has broken through the 1.1800 level but do note that there are large option expiries that could mess with the price action - so do be mindful of that.
The pound is the worst performing major currency so far, no thanks to some pressures from EUR/GBP buying. EUR/GBP is near 0.8800 now, and that coincides with the 200-hour MA which is helping keep a lid on the EUR strength as well as GBP weakness for now:
It's a quiet day so far apart from some decent moves, but if you're looking for clear directions, today is just one of those days that you have to go with what the market is thinking. Main theme still is the dollar weakness right now. Let's see if there are any developments later on the tax bill in the US session.
