Trump promises "phenomenal" tax reforms
- Author: Zachary Reyes Feb 12, 2017,
Feb 12, 2017, 3:43
EUR/USD is likely to find support at 1.0619 levels and now trading at 1.0661 levels.
Trump called his tax plan as "phenomenal", but offered no details other than citing the need to lower tax burden on businesses.
The benchmark S&P 500 has rallied 7.9 per cent since Trump's November 8 election amid expectations he will usher in lower corporate taxes, but also reduce regulations and increase infrastructure spending.
MI consumer sentiment index dropped to 95.7 in February from a 13-year higher, from 98.5 last month, suggesting that U.S. shoppers have cooled on their expectations on their finances. The Australian dollar rose 0.5 per cent to $0.7656, despite lower than expected Australian home loans data and slightly lower forecasts for long-term economic growth from the statement.
GBP/USD is supported in the range of 1.2410 levels and now trading at 1.2499 levels.
"We're going to change all of that, folks, so you're going to be so happy with Trump", he said.
The euro is on track to shed more than 1 percent in a week dominated by perceptions that political risk in the euro zone is growing. It touched its highest level since January 19. The Canadian dollar declined slightly against its United States counterpart on Thursday as greenback was boosted by comments from U.S. President Donald Trump and a Federal Reserve policymaker.
The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was up 0.31% at 100.45, not far from Tuesday's one-week high of 100.69. Bank of Canada Deputy Governor Lawrence Schembri said on Thursday. On the data front, Canadian new home prices rose 0.1 percent in December from the previous month. The precious metal slipped 0.5 per cent in Asia, trading to $1,221.55 per ounce.
AUD/USD is supported around 0.7583 levels and now trading at 0.7623 levels. The prospect of rising trade tensions between the USA and countries including China and Mexico would put a brake on world growth, which started 2017 with plenty of momentum, the RBA said. Meanwhile, the NZSE 50 in New Zealand dropped 0.24 percent.
LONDON: European shares hit a two-week high with some major companies such as France's second-biggest listed bank Societe Generale and oil major Total advancing after their results.
In the oil space, WTI Crude at New York Mercantile Exchange gained 0.23 percent to $53.12.
TOKYO, Feb 10 The dollar was buoyant on Friday, rising to a 1-1/2-week high versus the yen, on comments by U.S. President Donald Trump that he would announce the most ambitious tax reform plan since the Reagan era in the next few weeks.
The broad-based S&P 500 had gained 13.20 points (0.58 per cent) to 2,307.87, and the tech-rich Nasdaq Composite Index also advanced 32.73 points (0.58 per cent) to 5,715.18.
French 10-year government bond yields fell below 1.0 percent for the first time in two weeks.