India, May 23 -- The U.S. dollar weakened against other major currencies in the European session on Friday, amid concerns about the fiscal impact of the U.S. Republican tax cut bill.
The U.S. House of Representatives passed a controversial bill that could add trillions to the federal government's already massive debt and widen the deficit at a time when the economy is facing the risk of stagflation due to tariff uncertainty.
U.S. Treasury yields eased on improved U.S. data and comments from a U.S. Fed official that he still sees a path to interest rate cuts later this year.
In the European session today, the U.S. dollar fell to more than a 3-year low of 1.3489 against the pound, from an early high of 1.3419. The greenback may test suppor...