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US Dollar Strengthens as Trump Comments on Taxes, Stocks Unfazed

US Dollar Strengthens as Trump Comments on Taxes, Stocks Unfazed

Varun Jaitly,

Talking Points:

  • 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

Curious about how traders are positioned in the US Dollar? Check out our IG Client Sentiment page and see how retail traders are placing their bets in the major pairs.

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.

US Dollar Strengthens as Trump Comments on Taxes, Stocks Unfazed

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.