The US Dollar was broadly lower as investors begin to question US President Trump’s ability to push through a major revamp of the US tax code. It was reported yesterday that Senate leaders of the GOP are planning to consider a 1-year delay of the implantation of one aspect of the proposal. Moreover, new and clear evidence that Donald Trump’s popularity is eroding became apparent after Tuesday’s many wins for Democratic contenders and ideals across the country in non-election year campaigns. The latest media survey shows the President’s approval rating has dipped to 33% and support from his own base has declined to 47% from 51%.
As reported at 11:07 am (GMT) in London, the EUR/USD was trading at $1.1605, a gain of 0.15%; the pair had earlier hit a high of $1.16112 while the low is $1.15830. The GBP/USD was trading lower at $1.3125, down 0.35%; the pair has ranged from a session low of $1.3112 to a peak of $1.3176. The USD/JPY is down 0.15% and trading at 113.655 Yen, off the session trough of 113.560 Yen.
Pound Struggling after Parliamentary Scandals
In the UK, the Pound Sterling is under some pressure after news reports detailed a sexual harassment scandal among some Conservative party members of Parliament which has resulted in their resignation. One currency strategist says that the Prime Minister is likely to dismiss another minister later today, which suggests that Ms. May does not have a firm grip on her own party within the UK government. That calls into question Ms. May’s ability to obtain favorable footing during the Brexit discussions.