Investing.com – The Australian and New Zealand dollars were little changed against their U.S. counterpart on Monday, as the greenback mildly recovered despite ongoing uncertainty over the fate of a major U.S. tax overhaul.
AUD/USD was little changed at 0.7664.
Senate Republicans unveiled a tax plan on Thursday that differed from the one crafted by House Republicans, highlighting the challenges to reconciling the differences between the two plans with just a short time before the year-end deadline they have set to pass it.
Hopes of tax reform have helped boost the dollar since mid-September. Some traders believe tax reforms could bolster growth, adding pressure on the Federal Reserve to raise interest rates, known as the “Trumpflation” trade.
NZD/USD held steady at 0.6935.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.15% at 94.44 by 02:30 a.m. ET (06:30 GMT), off Friday’s one-week low of 94.16.