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Dollar Remains Under Pressure on U.S. Political Concerns

Dollar affected by U.S. tax overhaul doubts

Investing.com - The dollar remained broadly lower against other major counterparts on Wednesday, as doubts over a potential U.S. tax overhaul before the end of the year weighed on the greenback.

The greenback came under pressure as U.S. President Donald Trump's public feud with Tennessee Senator and fellow Republican Bob Corker sparked concerns over the vote of a major tax-code reform.

Market participants were also looking ahead to the minutes of the Federal Reserve's most recent policy meeting, due to be released later in the day.

At its September meeting, the Fed had signaled the possibility of a third rate hike t his year.

EUR/USD eaased up 0.08% to 1.1817, its highest since September 26, as Spanish political tensions temporarily eased.

Catalan President Carles Puigdemont on Tuesday signed a document proclaiming the region's independence from Spain, but he also suspended the move for the coming weeks to allow for talks with the Spanish government, averting an immediate crisis.

The Spanish government was scheduled toconvene in Madrid on Wednesday to shore up its response to the Catalan independence movement.

Elsewhere, GBP/USD dipped 0.09% to 1.3191.

The yen was higher, with USD/JPY down 0.15% at 112.26, while USD/CHF was little changed at 0.9753.

The Australian dollar was stronger, with AUD/USD up 0.12% at 0.7786, while NZD/USD held steady at 0.7067.

Meanwhile, USD/CAD was almost unchanged at 1.2515.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 93.03 by 05:20 a.m. ET (09:20 GMT), just off a more than one-week low of 92.89 hit earlier in the day.

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