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US Dollar Slips on Tax Reform Uncertainty

Yesterday’s high: $1.3149

Yesterday’s low: $1.3088

GBP/USD Left Fluctuating as Both Currencies Weaken

Investors have become more concerned that US President Donald Trump’s proposals for tax reform could be delayed or heavily wound back in recent sessions, due to a recent report that corporate tax cut plans may be delayed by a year.

This, as well as the failures of the US healthcare bills attempted over the summer, have caused market uncertainty about how successful tax reform will be.

The Pound, on the other hand, has seen mixed movement as the UK government replaced ex-International Development Secretary Priti Patel with Penny Mordaunt; another Brexit campaigner. This dashed hopes that Patel would instead be replaced with a cabinet member who supports a softer Brexit.

USD Outlook: Michigan Confidence Data Ahead

Friday’s American session will see the publication of Michigan University’s November consumer sentiment survey, with an uptick in confidence being US Dollar-supportive.

However, USD traders are likely to focus on tax reform in the coming days and weeks as the Republican Party has indicated it intends to tackle it on some level before the end of the month.

Key Events

10th November

09:30 UK Balance of Trade

09:30 UK Manufacturing and Industrial Production

09:30 UK Construction Output

15:00 US Michigan Consumer Sentiment

14th November

09:30 UK Inflation Rate

11:00 US NFIB Business Optimism

13:30 US PPI

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To keep up to date with the US Dollar, visit the USD blog in our Currency News section.

Arron Morris

Senior Currency Broker
T: 01442 892 065

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