US Dollar Strengthens as Trump Comments on Taxes, Stocks Unfazed
- The US Dollar strengthened against its major counterparts as the Japanese Yen broadly fell
- President Trump’s comments focused on plans to cut both the corporate and individual rates
- Today’s comments come just hours after another failed attempt to initiate healthcare reform
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The US Dollar strengthened entering the Asia trading session, following news of President Donald Trump’s proposed tax plan. The full details of the plan are yet to be revealed in a policy proposal; however, today’s comments included lowering the corporate tax rate to 20 percent from 35 percent currently. Trump also mentioned lowering the individual tax rate to 35 percent with the possibility of including a higher rate for top earners.
The Japanese Yen fell against its major counterparts as Trump’s comments crossed the news wires. However, S&P500 futures were little changed despite the US Dollar rising against all of its major peers. Today’s comments follow a third failed attempt at repealing the Affordable Care Act, which included some tax reform within the healthcare bill.
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