Dollar steadies after Monday's bounce; sterling crumbles

ING's Patel Expect Pound to Rally

ING's Patel Expect Pound to Rally

The dollar rose for a second straight session on Tuesday, a day after posting its biggest daily rise in a week, as the currency continued to benefit from optimism surrounding USA tax reform.

"With regards to the dollar, everything is already there in the price and we need to see further movement on the tax bill or strong data to push it higher", said Manuel Oliveri, an FX strategist at Credit Agricole in London.

On Monday, the Republican-controlled House of Representatives voted to go to conference with the Senate on tax legislation, setting up formal negotiations on the bill that could take weeks to complete.

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Against a basket of six major currencies, the dollar edged 0.1 percent higher at 93.278 .DXY after gaining about 0.3 percent the previous day, its biggest daily rise since November 28. The British currency fell 0.8 percent to $1.3375, extending its decline from Asia.

In a 2018 outlook report published on Tuesday, ING strategists expect the euro to rise to $1.30 against the dollar next year, a level it hasn't traded at since September 2014.

Meanwhile, sterling trimmed earlier losses to trade 0.25 percent down on the day at $1.3444 as broad disappointment over the lack of a Brexit deal prompted some investors to cut their long bets.

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"Sterling just can't shake its latest bout of Brexit sickness, while the European markets have been infected by the bearish trading seen in the U.S. and Asia", he said.

"As soon as the second round of the negotiations starts, which will be dealing with the trade agreement, things are going to heat up further as every single one of the 27 European Union countries had the right to veto the agreement and can therefore block any progress", they said.

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