1. The U.S. dollar moved lower against other major currencies on Friday, but losses were expected to remain limited after an important U.S. tax reform bill was passed by the House of Representatives. The U.S. House of Representatives on Thursday approved a broad package of tax cuts, which will now be debated by the Senate. Investors were still cautious however, as the Republican majority is smaller in the Senate and no decisive action is expected until after next week’s Thanksgiving holiday.
2. The yen weakened in early Asia on Friday in a light data day regionally ahead. USD/JPY changed hands at 113.06, up 0.16%, while AUD/USD was trading at 0.7550. EUR/USD was last quoted at 1.1795, down 0.24%. The U.S. dollar index was last quoted up 0.17% to 93.88.
3. Oil prices were steady today but on track for the first weekly fall in six weeks, under pressure from surging U.S. supplies and creeping doubts over Russian support for continuing a cut in crude output. Brent crude was at $61.78 per barrel at 09:38 GMT. WTI was at $55.36 a barrel, up 22 cents. Still, crude was set to fall around 2-4% for the week on worries about growth in U.S. production and inventories.
4. The price of bitcoin spiked to a record high climbing above $7,900. As of 09:29GMT, the price of bitcoin was trading at $7,693.13, representing a gain of more than 6% since the day’s open of $7,279. That figure also signifies a gain of over $450, according to the CoinDesk Bitcoin Price Index (BPI).
5. The U.S. Department of Labor reported Thursday that initial jobless claims increased 10,000 a seasonally adjusted 249,000 for the week ended Nov. 11, missing forecasts of a 4,000 decrease. Philly Fed manufacturing index for November fell to 22.7 in November from 27.9 in October, undershooting economists’ forecasts for a reading of 25.
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