Trump to Reveal Tax-Reform Plan Today; RBNZ Meeting Ahead; Profit Locked at NZD/USD & WTI

The U.S. dollar is appreciating against the majors as market participants expect the U.S. President Donald Trump to reveal details of his tax-reform plan today, while Fed Chair Janet Yellen was hawkish in her speech yesterday. The WTI Crude oil continues to rise on the back of evidence came out on Monday, while NZD/USD is falling ahead of the RBNZ interest rate decision tonight.
Greenback Rises as Yellen Is Hawkish & Trump Will Reveal His Tax Reform Plan
The U.S. dollar rose against all the majors on Tuesday and early Wednesday following the hawkish comments of Fed Chair Janet Yellen. Yellen gave a speech at the National Association for Business Economics in Cleveland yesterday, and stated that Fed “may have misjudged the strength of the labour market, the degree to which longer-run inflation expectations are consistent with our inflation objective, or even the fundamental forces driving inflation”. She mentioned that Fed would be cautious of raising the rate too gradually. She believes that without modest rate hikes during time can hurt financial stability and put raise risks for economic overheat. After these comments, the confidence that Fed will raise rates increased notably. Moreover, U.S. President Donald Trump is expected to deliver details of the long-awaited tax reform today in his speech today.

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