FX Update: The dollar has found its feet
FX Update: The dollar has found its feet after yesterday's tumble on new of a U.S. tax cut delay and more limited scope of some planned cuts. EUR-USD has settled below the one-week high seen at 1.1655 and USD-JPY has recouped to around 113.40 after clocking a low at 113.09, which is the lowest level seen since October 31. A report that Republican Senator Cornyn is looking to avoid a one-year delay helped calm the risk-off vibe, while Fed member Williams repeated his view that a December rate hike "makes sense", with three more quarter-point hikes pencilled in for 2018. Trump, meanwhile, has been venting about the U.S. deficit with China. Production data will feature in Europe today, while the U.S. data schedule is quiet today, highlighted by the preliminary estimate of consumer sentiment for November. Analysts expect markets will remain sensitive to the ongoing tax cut debate, with the speed and breadth of tax reductions now in question.