U.S. Stocks posted new all-time highs as the tax-reform plan moved another step. The U.S. dollar exposed sharply higher versus almost all the G10 counterparts. Additionally, the British pound printed a strong bullish day versus the major currencies after the Brexit Bill agreement.
U.S. Stocks exposed sharply higher and posted a strong rally overnight as another step was taken with the Republican’s tax plan. Dow Jones Industrial Average surged more than 1% and hit 23850.50, while S&P 500 rose towards 2627.38 price level and added almost 1% to its performance. Also, NASDAQ had the weakest upward movement but recorded another all-time high as the other indices at 6425.28. The U.S. dollar traded higher against the G10 peers except versus the British pound as U.K. and E.U. have agreed on the divorce bill. The comments of Fed Chair nominee Jerome Powell were the catalyst reason that greenback extended its gains. Powell stated that "the case for raising interest rates at our next meeting is coming together" but concerns about North Korea are still standing.
The British pound soared versus all the major currencies and had the most volatile day as it spiked strongly before the Financial Stability report. The price earned some ground on the back of reports that the U.K. and E.U. have found an agreement on the Brexit Bill. After that, the price gave up all its gains when the U.K. Government denied an agreement but the price reversed again on the hope for a deal. In addition, U.K.’s Brexit Ministry said that there were "intensive talks" and both sides they are searching for ways to "build on recent momentum".
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