Forex – USD/CAD Little Changed After U.S., Canadian Data

Forex – USD/CAD Little Changed After U.S., Canadian Data

© Reuters.  Greenback holds steady vs. loonie after downbeat U.S. data© Reuters. Greenback holds steady vs. loonie after downbeat U.S. data

Investing.com – The U.S. dollar was little changed against its Canadian counterpart on Friday, after the release of disappointing U.S. and Canadian data and as fresh U.S. tax reform woes coupled with the Federal Reserve’s latest policy meeting continued to dampen demand for the greenback.

was at 1.2794 by 09:30 a.m. ET (13:00 GMT).

The New York Federal Reserve reported on Friday that its Empire State manufacturing index fell to in December from 19.4 the previous month, confounding expectations for a reading of 18.6.

The greenback had already come under pressure after two U.S. Republican senators on Thursday to the proposed U.S. tax reform bill.

The bill needs a simple majority to pass in the Senate, in which Republicans hold just 52 of the 100 seats.

On Wednesday, the Fed raised interest rates by 0.25 basis points to at the conclusion of its policy meeting, in line with expectations.

However, the central bank , which include three more interest rate hikes in both 2018 and 2019, disappointing expectations for four rate hikes next year.

In Canada, data showed that manufacturing sales fell in October, compared to expectations for a 0.8% rise.

The loonie was also steady against the euro, with at 1.5076.

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