The US dollar is ticking higher on the ‘prospects of both tax reform and additional monetary tightening by the Fed’

The dollar is ticking higher on Monday.

The US dollar index was up by 0.3% at 93.99 at 8:51 a.m. ET.

The dollar “is enjoying modest gains against most currencies as prospects of both tax reform and additional monetary tightening by the Fed carry over from last week,” Marc Chandler, global head of currency strategy at Brown Brothers Harriman, said in commentary.

“The Dollar Index is flirting with important resistance in the 94.00-94.25 area, which corresponds with a neckline of a bottoming pattern that would project toward 97.00, where the 200-day moving average is presently found,” he continued. “The 97.40 area matches the 50% retracement of this year’s decline.”

The index is down about 7% since President Donald Trump’s inauguration.

As for the rest of the world, here was the scoreboard at 8:54 a.m. ET:

  • The Japanese yen was down by 0.2% at 113.80 per dollar. Prime Minister Shinzo Abe’s coalition won more than two-thirds of the 465 seats that were up for grabs in Sunday’s parliamentary election.
  • The Indian rupee was up by 0.2% at 65.015 per dollar. Still, the currency has been falling over the past few weeks and recently hit a six-month low against the US dollar. “Looking ahead, the currency could weaken a little more,” Shilan Shah, India economist at Capital Economics, said in a note to clients. “But India’s reasonably strong external position means that any further depreciation in the rupee is likely to be slight and gradual.”
  • The Russian ruble was little changed at 57.4800 per dollar, while Brent crude oil, the international benchmark, was down by 0.3% at $57.56 per barrel.
  • The euro was weaker by 0.4% at 1.1734 against the dollar.
  • The British pound was little changed at 1.3175 against the dollar.

SEE ALSO: Warren Buffett’s advice for CEOs touches on a key issue plaguing the US economy

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