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Telecom Egypt   11.48        GMC GROUP FOR INDUSTRIAL COMME   1.29        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        National Real Estate Bank for    11.84        Egyptian Chemical Industries (   7.26        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Credit Agricole Egypt   9.04        Palm Hills Development Company   1.61        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        Cairo Poultry   8.32        ARAB POLVARA SPINNING & WEAVIN   2.11        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


The Watch - forex news

Amwal Al Ghad English - 2017-12-28 05:47:51
Oil prices were stable on Thursday with trading activity drying up ahead of the New Year weekend. Heading into 2018, traders said market conditions were relatively tight due to ongoing supply cuts led by the Middle East dominated Organisation of the Petroleum Exporting Countries (OPEC), as well as top producer Russia. U.S. West Texas Intermediate (WTI) crude futures were at $59.69 a barrel at 0134 GMT, up 5 cents from their last settlement. WTI broke through $60 a barrel earlier this week, the first time since June 2015. Brent crude futures were at $66.50 a barrel, up 6 cents. Brent broke through $67 this week, the first time since May 2015 this week. Traders said the high prices were a result of a relatively tight market following a year of OPEC and Russian led production cuts, which were started last January and scheduled to cover all of 2018. Pipeline outages in Libya and the North Sea have also been supporting oil prices. "Given the much stronger price response to supply disruptions in the wake of OPEC supply cuts, the market is poised to make further gains," said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore. "With geopolitical risk no less sure ahead of Libyan elections next year, we should expect more regional chaos and disorder to underpin oil prices," he added. Around 100,000 barrels per day (bpd) in oil supplies were disrupted in Libya this week after an attack on a pipeline. In the North Sea, the 450,000 bpd capacity Forties pipeline system was shut earlier this month due to a crack. Both pipelines are expected to return to normal operations in January, with Forties already in the startup process. A major factor countering efforts by OPEC and Russia efforts to prop up prices is U.S. oil production, which has soared more than 16 percent since mid-2016 and is fast approaching 10 million bpd. Only OPEC king-pin Saudi Arabia and Russia produce more. The latest official U.S. production figures are due to be published by the on Thursday. More»
Amwal Al Ghad English - 2017-12-28 05:44:05
Gold prices were steady early on Thursday, holding onto gains from the previous session when they hit a 3-1/2 week high, as the dollar stayed on the back foot. Spot gold was little changed at $1,287.80 an ounce at 0051 GMT, having hit its highest since December 1 at $1,289 in the previous session. U.S. gold futures were steady at $1,291.20 an ounce. The dollar index, which tracks the greenback against a basket of six major rivals, was nearly flat at 92.990. The dollar fell 0.1 percent against the yen at 113.20. The U.S. dollar fell to a 3-1/2 week low against a basket of currencies on Wednesday as traders bet more major central banks will begin reducing monetary stimulus in 2018 because of faster global economic growth. Asian shares rose to a one-month high on Thursday and were on track for their best annual performance since 2009, while commodity-driven currencies were buoyed by a rally in copper, which hit a four-year peak. The United States and Russia have agreed to continue diplomatic efforts to resolve the crisis over North Korea's development of nuclear missiles capable of hitting the United States and emphasised that neither accept Pyongyang as a nuclear power, the U.S. State Department said on Wednesday. Contracts to buy previously owned homes edged higher in November, boosted by job growth across a strengthening economy.Earnings at China's industrial firms grew at their slowest pace in seven months in November, as demand and producer price gains eased in further confirmation of ebbing growth in the world's second-largest economy. More»
Amwal Al Ghad English - 2017-12-27 06:17:30
Gold prices slipped on Wednesday, after hitting a more than three-week high in the previous session, amid a firmer dollar. Spot gold was down 0.1 percent at $1,282.31 an ounce at 0057 GMT, after hitting its highest since Dec. 1 at $1,283.72 in the previous session. U.S. gold futures were little changed at $1,287 an ounce. The dollar index, which tracks the greenback against a basket of six major rivals, was steady at 93.283. The dollar was up 0.1 percent against the yen at 113.32. Oil prices were supported around a 2-1/2-year top on Wednesday after an explosion of a Libyan crude pipeline sparked supply fears, while gold and copper hovered near multi-week highs, boosting commodity- and energy-linked shares around Asia.The United States announced sanctions on two North Korean officials behind their country's ballistic missile program on Tuesday, while Russia reiterated an offer to mediate to ease tensions between Washington and Pyongyang. Russia is ready to act as a mediator between North Korea and the United States if both parties are willing for it to play such a role, the Kremlin said on Tuesday. Chinese industrial firms continued to ramp up production in the fourth quarter, a private survey on Wednesday showed, but growth in wages and hiring slowed in a further sign of cooling momentum in the world's second-biggest economy. Japan's households spent more than expected in November while consumer inflation ticked up and the jobless rate hit a fresh 24-year low, offering the central bank some hope an economic recovery will drive up inflation to its 2 percent target. More»
Amwal Al Ghad English - 2017-12-27 06:05:19
Oil prices on Wednesday slipped away from two-and-a-half year highs hit the previous session as the gradual resumption of flows through a major North Sea pipeline made up for supply disruption in Libya. But the two outages in quick succession have highlighted how much tighter global oil markets have become a year into supply cuts led by OPEC and Russia. At 0210 GMT U.S. West Texas Intermediate (WTI) crude futures were at $59.74 a barrel, down 23 cents from their last settlement. WTI broke through $60 a barrel for the first time since June 2015 in the previous session. Brent crude futures were at $66.66 a barrel, down 36 cents. Brent broke through $67 for the first time since May 2015 the previous day. The dips were a result of the gradual return of the 450,000 barrels per day (bpd) capacity Forties pipeline system in the North Sea. Flows through Forties will return to normal early in the New Year, operator Ineos said on Tuesday. The gradual Forties resumption is helping ease pressure after an attack on a Libyan pipeline led to the outage of almost 100,000 bpd of supply.Price pressure also rose after Saudi Arabia released its 2018 state budget on Tuesday, the largest in the kingdom's history, which was seen as an indicator that the world's biggest crude exporter would require higher oil prices in order to meet its financial needs. "The Saudi budget and Libyan attack on a pipeline have driven prices sharply higher," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. Both the Forties and Libyan outages, which together amount to around 500,000 bpd, are small in a global context where both production and demand are approaching 100 million bpd. But the disruptions highlight the fact that markets have tightened significantly a year into voluntary supply restraint led by top producer Russia and the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC). Data from the U.S. Energy Information Administration (EIA) shows that following rampant oversupply in 2015, global oil markets gradually came into balance by 2016 and started to show a slight supply deficit this year, resulting in a reduction of global fuel inventories. EIA data implies a slight supply shortfall of 180,000 bpd for the firstquarter of 2018. OPEC and Russia started withholding production last January, and the current schedule is to continue cutting throughout 2018. A major factor countering efforts by OPEC and Russia efforts to prop up prices is U.S. oil production, which has soared more than 16 percent since mid-2016 and is fast approaching 10 million bpd. Only OPEC king-pin Saudi Arabia and Russia produce more. The latest U.S. production figures are due to be published by the EIA on Thursday. More»
Amwal Al Ghad English - 2017-12-26 05:52:26
Gold prices edged up on Tuesday, hitting a more than three-week high, in low-volume trade amid a weaker dollar.Spot gold was up 0.2 percent at $1,277.98 an ounce at 0115 GMT on Tuesday, after hitting its highest since Dec. 1 at $1,278.14. The dollar index, which tracks the greenback against a basket of six major rivals, edged down 0.1 percent to 93.283. U.S. gold futures rose 0.3 percent to $1,282.20 an ounce. The futures market was closed for the Christmas holiday on Monday. Palladium prices jumped to 17-year highs on Friday as strong demand from autocatalyst makers reinforced the prospect of market shortages. Spot palladium was steady at $1,038.10 an ounce on Tuesday. It touched its highest since February 2001 at $1,042.50 on Friday. Analysts expect that about 80 percent of global palladium demand will come from autocatalysts for gasoline-powered cars, which many now prefer over diesel-fuelled vehicles. Japan's core consumer prices rose for the 11th straight month and household spending jumped in November, offering the central bank some hope a steady economic recovery will gradually drive up inflation to its 2 percent target. The Shanghai Futures Exchange cut its margin requirements for gold and silver futures contracts from Jan. 2. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.18 percent to 837.50 tonnes on Friday from 836.02 tonnes on Thursday. Hedge funds and money managers increased their bearish position in COMEX silver contracts to a record in the week to December 19, while they increased their net long stance in gold, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday. U.S. growth prospects dimmed on Friday as data showed spending outpaced income in November and the Federal Reserve's preferred inflation measure -- the personal consumption expenditures price index that excludes food and energy -- rose by just 0.1 percent in November. The passage of a sweeping U.S. tax reform bill investors have been anxiously anticipating for months caused large redemptions in equities and bonds last week as a building consensus in the market suggested any benefits had already been priced in. Workers at Pan African Resource's Barberton gold mine in South Africa have ended a wildcat strike that started on Sunday, an industry source said on Friday. Gold demand across major centers in Asia was subdued last week as a modest rebound in prices weighed on investor appetite. More»
Amwal Al Ghad English - 2017-12-26 05:49:32
Oil prices were stable on Tuesday, with Brent crude lingering near 2015 highs on the back of an outlook for healthy demand amid ongoing production cuts led by OPEC and Russia. U.S. West Texas Intermediate (WTI) crude futures were at $58.50 a barrel at 0141 GMT, up 3 cents from their last settlement. Brent crude futures, the international benchmark for oil prices,were at $65.25 a barrel, unchanged from their last close, but near the $65.83 per barrel briefly on Dec. 12 - the highest since June 2015. Brent has risen by 47 percent since mid-2017. The Organization of the Petroleum Exporting Countries (OPEC), the Middle East-dominated producer club, and Russia - the world's single biggest oil producer - have been withholding output in order to tighten the market and prop up prices. The agreement to cut started last January and is set to cover all of 2018. Jabar al-Luaibi, oil minister of OPEC-member Iraq, said on Monday there would be a balance between supply and demand by the first quarter of 2018, leading to a boost in oil prices. "During the first quarter of next year there will be more balance between supply and demand, which will reflect positively on improving global oil prices," he said. The production cuts come amid healthy global demand, which many analysts expect to hit 100 million barrels per day (bpd) for the first time at some point next year or in 2019. Keeping a lid on prices for the moment is the expected return of the Forties pipeline system in the North Sea, which can supply up to 450,000 bpd of crude underpinning Brent futures. The pipeline shut down earlier in December due to a crack, but operator Ineos said the system was being tested following repairs and full flows should return in early January. In the longer term, efforts by OPEC and Russia efforts to prop up prices could also be undermined by U.S. production, which has soared by more than 16 percent since mid-2016, fast approaching 10 million bpd. Only OPEC king-pin Saudi Arabia and Russia produce more, but the UnitedStates is fast catching up, largely thanks to shale drillers. The U.S. rig count, an early indicator of future output,held at 747 in the week to Dec. 22, according to the latest weekly report by Baker Hughes. That's still much higher than a year ago, when only 523 rigs were active, and most analysts expect U.S. output to rise past 10 million bpd within weeks. More»
Amwal Al Ghad English - 2017-12-26 05:45:45
The dollar was steady in holiday-thinned trading on Tuesday, shrugging off upbeat Japanese economic data as most market participants have already closed their books for the year. Markets in Australia and Hong Kong remained closed after Monday's Christmas holiday, and many financial centers in Europe will also be shut on Tuesday. The euro was steady at $1.1871. The single currency gave up some ground last week after Catalan separatists won a regional election, deepening Spain's political crisis in a sharp rebuke to Prime Minister Mariano Rajoy and European Union leaders who backed him. Against the yen, the dollar was almost flat on the day at 113.29. "Yesterday and today, major markets are closed, so it's difficult to see clear direction at the moment, and we need to think about what will happen in the beginning of next year," said Masafumi Yamamoto, chief currency strategist for Mizuho Securities in Tokyo. "I still believe that the passage of the U.S. tax bill and the avoidance of the government shutdown are positive for the dollar," he said. "In a relative sense, the dollar has an advantage." Last week, the U.S. Congress approved a tax code overhaul that was expected to give at least a short-term lift to already solid economic growth. They also pushed through a measure to fund the federal government through Jan. 19, averting agency shutdowns. The market had a muted reaction to data released early on Tuesday which showed that Japan's core consumer prices rose for the 11th straight month, up 0.9 percent year-on-year, and household spending jumped in November. While the inflation rate remains distant from the Bank of Japan's 2 percent target, the rise offered some hope that a steady economic recovery will gradually drive up prices. Still, the BOJ kept monetary policy steady last week and its governor reassured markets the central bank will lag well behind overseas peers in ending its ultra-easy policies. Minutes of the BOJ's October meeting, released on Tuesday, showed most members shared the view that the central bank should maintain its easy policy. The dollar index, which tracks the greenback against a basket of six major rivals, edged down 0.1 percent to 93.253. Cryptocurrency bitcoin was last up 1.7 percent at $14,142.33 on the Bitstamp exchange. More»
Amwal Al Ghad English - 2017-12-23 08:33:36
Bitcoin plunged on Friday, taking the digital currency briefly as low as $11,000 and down 47 percent from a record high hit at the start of the week. Bitcoin had rallied to a record high above $19,800 on Sunday and was trading near $15,500 for much of Thursday New York time, according to Coinbase. But an afternoon selloff accelerated into the night, and bitcoin dropped 30.2 percent Friday morning to a low of $10,400 on Coinbase. It had recovered above $14,600 by Friday afternoon, off 27 percent from the all-time high. There was no immediately apparent explanation for the selloff and extreme volatility. "I would say the drop in bitcoin is a result of the massive new inflows of retail investors who are relatively 'weak hands' and more prone to sell at the sight of falling prices than the capital that has been in the system for a while that has a longer term outlook," Alex Sunnarborg, founding partner at cryptofund Tetras Capital, said in an email. Adding to the confusion, trading on Coinbase was disabled for more than two hours in the middle of the day. The company had more than 13 million users at the end of November. At its lows, bitcoin had fallen 47 percent in just five days and lost about $9,400. The digital currency erased more than $1,000 in one hour alone Friday morning. Bitcoin futures also tumbled Friday. The CME bitcoin futures expiring in January, which launched Sunday, reached "limit down," falling nearly 20 percent to $12,265 in morning trading before settling 7.8 percent lower at $14,135. Markets were still open for trading. The Cboe bitcoin futures contract, which launched Dec. 10, briefly dropped 21 percent to $12,050 after triggering a brief, built-in trading halt due to price volatility. The futures settled 8.7 percent lower at $13,960. Trading volume in the Cboe bitcoin futures contract for January more than doubled from Thursday to a record of 12,554 contracts Friday. The equivalent trading volume in CME's bitcoin futures was near 11,800 contracts, also the highest since their launch. The bitcoin offshoot, bitcoin cash, collapsed, temporarily falling 40 percent Friday to $1,873, after topping $4,000 two days ago, according to Coinbase. Bitcoin cash recovered to trade near $2,897 in afternoon trading. Despite the selloff, bitcoin is still up more than 1,300 percent for the year and bitcoin cash is still up more than 380 percent since it split off from bitcoin on Aug. 1. "Investors were sitting on such significant gains that a correction was inevitable," said Benjamin Roberts, co-founder and CEO of Citizen Hex, an ethereum-focused start-up backed by three Canadian venture funds. "These markets are driven in the short term by word-of-mouth adoption and profit-taking, and in the long term by the increasing utility of blockchain tech," Roberts said in an email. Blockchain eliminates the need for a third-party intermediary by creating an instant, permanent record of transactions between two parties. Bitcoin, the first application of blockchain technology, has come a long way since its inception less than a decade ago. More than 120 "cryptofunds" have formed this year, according to financial research firm Autonomous Next, and many expect the launch of bitcoin futures will encourage more institutional investors to buy into the cryptocurrency trend. Coinbase is the leading U.S. platform for buying and selling major digital currencies, and also operates an exchange for institutional investors called GDAX. On Tuesday, Coinbase surprised many by announcing it was launching trading in the bitcoin offshoot, bitcoin cash. The company had said for months it would allow withdrawals of bitcoin cash on Jan. 1, 2018, and notify customers of other changes beforehand. In the last several days, many Reddit and Twitter users have also complained they are unable to complete transactions smoothly on Coinbase. The company said on its status website that since last Friday, high transaction volumes were delaying wire transfers. A Wednesday update said "wire deposits and withdrawals may be delayed by up to 5 business days." The sharp drop in the cryptocurrency prices came as demand from South Korean and Japanese investors fell. The two countries had dominated trading volume for major cryptocurrencies in the last several months. On Tuesday, the owner of the South Korean Youbit digital currency exchange filed for bankruptcy after a hack resulted in the loss of 17 percent of its assets. The Wall Street Journal reported Wednesday, citing sources, that South Korean officials are investigating the possible involvement of North Korea in the hack. Bank of Japan Governor Haruhiko Kuroda called the surge in bitcoin prices "abnormal" at a media conference on Thursday. "These don't concern me for the long-term because we've seen more and greater issues in the past," said Joe DiPasquale, founder and CEO of BitBull Capital, a cryptofund that invests in other cryptofunds. He said BitBull has about $20 million in assets under management. "Right now people are biding their time until the bottom is felt," DiPasquale said, citing his conversations with cryptofund managers. "It is a buying opportunity, perhaps in the next day, but you have to see where support is reached to make that decision." Stocks such as Riot Blockchain that have soared dramatically on speculation around their connection to bitcoin and its underlying blockchain technology also fell by double-digits. More»
Amwal Al Ghad English - 2017-12-21 09:29:36
Oil prices were stable on Thursday, supported by falling crude inventories in the United States but capped by output that is fast approaching 10 million barrels per day, a level only surpassed by Saudi Arabia and Russia.U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $58.16 a barrel at 0756 GMT, up 7 cents from their last settlement. Brent crude futures LCOc1, the international benchmark for oil prices, were up 6 cents at $64.54 a barrel. Both crudes gained around 1 percent during their previous sessions, lifted by official data showing a 6.5 million-barrel fall in U.S. crude inventories C-STK-T-EIA in the week to Dec. 15 to 436 million barrels, the lowest level since October, 2015. More»
Amwal Al Ghad English - 2017-12-20 08:49:39
The dollar was supported on Wednesday by expectations that the Trump administration’s tax reforms would pass through congress while the euro was underpinned by a sharp rise in German bond yields.The Republican-led U.S. Senate approved sweeping tax legislation in the pre-dawn hours of Wednesday, sending the tax cut package back to the House of Representatives for a final vote later in the day. The dollar briefly extended its gains against the yen and touched an intraday high of 113.075 yen following the news of the Senate’s approval, but reaction was muted overall. The dollar last stood at 113.01 yen JPY=, up 0.1 percent on the day, having pulled away from Friday's low of 112.035, with last week's high of 113.75 seen as its next target. The House of Representatives had already approved the biggest U.S. tax overhaul in 30 years on Tuesday, but another House vote is needed because of procedural issues.The Republican-led U.S. Senate approved sweeping tax legislation in the pre-dawn hours of Wednesday, sending the tax cut package back to the House of Representatives for a final vote later in the day. The dollar briefly extended its gains against the yen and touched an intraday high of 113.075 yen following the news of the Senate’s approval, but reaction was muted overall. The dollar last stood at 113.01 yen JPY=, up 0.1 percent on the day, having pulled away from Friday's low of 112.035, with last week's high of 113.75 seen as its next target. The House of Representatives had already approved the biggest U.S. tax overhaul in 30 years on Tuesday, but another House vote is needed because of procedural issues. Gains in the dollar were limited as many market players looked to the Bank of Japan’s two-day policy meeting ending on Thursday for clues to whether the BOJ will join the U.S. Federal Reserve and European central banks in winding back stimulus. A speech by BOJ Governor Haruhiko Kuroda in November sparked speculation of a stimulus taper when he mentioned the concept of a ‘reversal rate’ - a level at which low interest rates start to have more harmful side-effects than benefits. “There is very strong interest in the ‘reversal rate’. Kuroda’s news conference (when the BOJ meeting ends) will be pretty much all about just that,” said Yukio Ishizuki, senior strategist at Daiwa Securities. More»