The euro falls amid weak economic data from the eurozone, while Bitcoin reaches a new all-time high as investors seek alternatives to U.S. assets.
The tax bill’s passage has brought a mix of relief and caution in the markets, as it is expected to increase the national debt substantially. The Congressional Budget Office projects the bill will add $3.8 trillion to the current $36.2 trillion U.S. debt over the next decade. The Senate is set to begin weeks of debate on the bill.
The dollar edges up 0.1% to 143.75 yen in late morning trading, rebounding from an earlier low of 142.80 yen, its weakest level since early May. A strong labor market report showing a drop in weekly jobless claims adds support to the dollar. Initial claims for unemployment benefits fall by 2,000 to 227,000 for the week ended May 17, below economists’ expectations.
Meanwhile, a weak 20-year bond auction on Wednesday weighs on the dollar and Wall Street, adding to concerns after Moody’s downgrade of the U.S. credit rating last week.
The euro falls 0.3% against the dollar to $1.1293 after three consecutive days of gains. Eurozone business activity contracts unexpectedly in May, according to a preliminary composite Purchasing Managers’ Index, raising concerns about the region’s economic outlook amid ongoing trade tensions.
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