News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Hang Seng Index Futures at Key Inflection Point, Top to Resume? - #HSI1! chart https://t.co/dYgRPKhc9h
  • Amazon Q2 Earnings: -EPS at $15.12, versus $12.28 estimate (23% higher) -Revenue at $113 billion, versus $115 billion estimate (1.7% lower) -Share price tumbled 7% during after-hours trade as the company reported a slight revenue miss and gave weak third-quarter guidance
  • 🇯🇵 Industrial Production YoY Prel (JUN) Actual: 22.6% Previous: 21.1% https://www.dailyfx.com/economic-calendar#2021-07-29
  • 🇯🇵 Retail Sales YoY (JUN) Actual: 0.1% Expected: 0.2% Previous: 8.3% https://www.dailyfx.com/economic-calendar#2021-07-29
  • The S&P 500 and Dow Jones could remain biased higher now that retail investors are back to aggressively shorting them. But, will recent shifts in sentiment materially change the broader outlook? Find out from @ddubrovskyFX here:https://t.co/RPirU4f4sp https://t.co/mY3CcB8c3q
  • Heads Up:🇯🇵 Retail Sales YoY (JUN) due at 23:50 GMT (15min) Expected: 0.2% Previous: 8.2% https://www.dailyfx.com/economic-calendar#2021-07-29
  • Heads Up:🇯🇵 Industrial Production YoY Prel (JUN) due at 23:50 GMT (15min) Previous: 21.1% https://www.dailyfx.com/economic-calendar#2021-07-29
  • 🇯🇵 Unemployment Rate (JUN) Actual: 2.9% Expected: 3% Previous: 3% https://www.dailyfx.com/economic-calendar#2021-07-29
  • The British Pound could remain vulnerable against the US Dollar while perhaps looking to push higher against the Australian Dollar, Canadian Dollar and New Zealand Dollar.Get your market update from @ddubrovskyFX here:https://t.co/9iZa4oE4WQ https://t.co/fT1DNXph5D
  • Heads Up:🇯🇵 Unemployment Rate (JUN) due at 23:30 GMT (15min) Expected: 3% Previous: 3% https://www.dailyfx.com/economic-calendar#2021-07-29
US Dollar Falls as Corporates Won't See a Tax Cut Until 2019

US Dollar Falls as Corporates Won't See a Tax Cut Until 2019

Dylan Jusino,

Sign up for our free trading guides available for beginners and advanced forex traders.

The proposed 20% corporate tax rate will not be implemented until 2019, according to US Louisiana Senator Bill Cassidy. Additionally, the bill will keep all seven tax brackets instead of cutting it down to three.

The crucial tax cut is disappointing news for US-based markets as Republicans have suggested that the corporate tax cut would fuel economic growth through corporate spending. Hence, by this logic a delay in the 20% tax rate would delay a boost to economic growth in the US.

The House of Representatives is under pressure to pass the bill before the end of the year. In an effort to do so, House Speaker Paul Ryan stated that the bill will be put to a vote in the house “later today.” Also, an Obamacare mandate repeal is still being considered to free up an estimated $338 billion in government revenues.

Chart 1: DXY Index 15-minute Chart (November 8 to 9, 2017 Intraday)

US Dollar Falls as Corporates Won't See a Tax Cut Until 2019

Following the news from Senator Cassidy, the US Dollar Index came under pressure falling to a new intraday low. DXY hit 94.49 before rebounding to 94.54. Given that the expected impact from tax reform would increase inflation vis-à-vis deficit spending, lack of progress on the legislative front means investors are likely to see softer US Treasury yields, and thus, the US Dollar.

--- Written by Dylan Jusino, DailyFX Research

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

DISCLOSURES