The spotlight of the day is the European Central Bank monetary policy meeting which is expected to left interest rates unchanged. In the U.S., the tax reform deal needs to be passed through Congress while the BoJ interest rates remained the same.
U.S. dollar Traded Mixed Due to Trump’s Tax Reform Announcement
Traders seemed to be cautious about the Donald’s Trump tax reform announcement yesterday. However, Treasury Secretary Steven Mnuchin outlined the President’s plans and the investors were disappointed. The tax deal now must be passed by Congress, but ahead of that, a deal needs to be done in order to stop a government shutdown, due on Friday. The U.S. dollar traded mixed ahead of the G10 basket as U.S. President failed to surprise the market.
Meanwhile, on Wednesday, the U.S. building permits ticked higher by 4.2% versus 3.6% the previous month. The major economic data from U.S. today, it will be the durable goods orders for the month of March which is expected to rose by 1.2% from 1.8% before.
Read the full article on JFD Research.