By Ira Iosebashvili 

The dollar edged off lows Friday, after GOP leaders pulled a bill to replace the Affordable Care Act before a planned vote in the House of Representatives.

The Wall Street Journal Dollar Index, which measures the dollar against a basket of 16 currencies, was recently unchanged at 90. The measure dipped to 89.83 earlier in the session, its lowest level early November.

Many investors viewed the vote as a gauge of whether President Donald Trump wields the political capital required to push through promised tax cuts and infrastructure spending in the near term. White House officials said Thursday that Mr. Trump will move on to other priorities if the bill fails, reassuring investors that the administration remains focused on corporate-friendly policies.

Mr. Trump "looks like he is ready to pick up and move on," said Brad Bechtel, managing director of currency sales and trading at Jefferies LLC. "He said he will do something on tax reform, and the market is looking forward to that concept."

Expectations that the new presidential administration would boost the economy through fiscal stimulus pushed the dollar to a 14-year high in the weeks after the election. The U.S. currency has weakened more recently, as it became apparent the White House would have difficulty fulfilling its legislative agenda.

In emerging markets, the dollar fell 0.9% against the Mexican peso, to 18.75. It lost 0.8% against the Russian ruble, to 56.94.

Write to Ira Iosebashvili at ira.iosebashvili@wsj.com

(END) Dow Jones Newswires

March 24, 2017 17:48 ET (21:48 GMT)

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