Investing.com - The dollar dipped down against other majors currencies on Wednesday, despite Congress progressing on U.S. tax reform and upbeat data.
Trading volumes were expected to become more and more thin throughout the week, ahead of the Christmas holiday.
The greenback showed little reaction after the House of Representatives on Tuesday approved the biggest U.S. tax overhaul in 30 years.
Due to procedural issues another vote later will take place on Wednesday, but it is still considered as a step closer to the implementation of a major U.S. tax overhaul.The Senate vote was expected to follow on Thursday.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.23% to 92.84 by 11:46 AM ET (16:46 GMT).
The dollar also didn’t respond to data showing that U.S. home sales increased more than expected in November. Data from the National Association of Realtors showed that home resales increased by 5.6% in November to a seasonally adjusted 5.81 million units from 5.50 million units in the previous month which was revised up from 5.48 million
Meanwhile the euro rose to its highest level against the dollar since Dec. 4. EUR/USD was trading at 1.1883, up 0.37%. Sterling was also higher, with GBP/USD increasing 0.13% to 1.3403.
The yen was higher with USD/JPY up 0.36% at 113.30, while USD/CHF was lower from its earlier gains, at 0.9860.
Elsewhere, the Australian dollar was stronger, with AUD/USD up 0.13% at 0.7672, while NZD/USD rose 0.14% to 0.6983.