The US dollar has stabilized over the past few days pending the passing of the tax reform bill, and there is optimism surrounding it. The bill is due to be voted on by the House of Representatives this evening, and it is expected to be put to vote in the Senate on Wednesday.
The high optimism about the effect of positive tax adjustments on the US economy led US stocks to their highest levels in Monday's trading. The US Federal Reserve raised interest rates for the third time this year last week and forecasts a new three-fold rise in 2018. But Federal Reserve member Neel Kashkari opposed the decision on concerns of weak inflation. Kashkari will not be a voting member next year.
Earlier this morning, the Reserve Bank of Australia (RBA) expressed confidence in the economic outlook through the meeting minutes, driving the Australian dollar to near its six-week high of 0.7676 reached last week, supported by improved economic data despite a slowdown in consumer spending
