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The U.S. Dollar Edged Lower Prior Tax Bill, While Sterling Moved Higher Amid Rate Hike Expectations

Trade Magnates – The dollar moved lower on Thursday with the EURUSD trading at 1.1610 level after reaching five-day highs at 1.1670 and USD index at 94.52 down by 0.16%. Investors are looking forward for the U.S. tax bill release after being delayed for a day.

The dollar rose in recent months amid expectation of a Fed’s hike by the end of the year, however, the fed left the rates unchanged on Wednesday which might be another signal towards hiking the rates next month.

In the meantime, President Donald Trump is expected to pick the next head of the Federal Reserve. Reports have indicated that the strongest candidate is Fed Governor Jerome Powell, who is more dovish than other candidates.

In the Eurozone, BoE policy decision is expected later in the day, the pound has moved higher with EURGBP at 0.8770 and GBPUSD at 1.3268. Bank of England is expected to raise interest rates for the first time since 2007.

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