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Market Awaits Tax Announcement from Trump Administration; Oil Down Ahead of Inventory Data

Published April 26, 2017
  • The loonie continues to weaken against the US dollar this morning as falling oil prices and US tariffs are continuing to weigh on the Canadian dollar; USD/CAD currently sits below 1.3600 after moving away from 14-month highs yesterday
  • Prime Minister Justin Trudeau vowed to defend Canadian interests yesterday in response to new tariffs on Canadian softwood lumber brought on by the Trump administration
  • Oil prices are hovering near 4-week lows as the market awaits the US Energy Information Administration’s weekly report on US crude oil inventories; industry data from the American Petroleum Institute showed inventories unexpectedly rose by 897,000 barrels in the week ended April 21
  • The market looks towards an expected tax reform announcement from US President Donald Trump’s administration later today; Treasury Secretary Steven Mnuchin and National Economic Director Gary Cohn are set to announce the tax plan at 1:30 PM EST
  • The plan is expected to propose to cut corporate taxes to 15% from 35%; the proposal will also likely entice multinationals to bring in overseas profits at a tax rate of 10% from 35%
  • Threats of government shutdown by US Congress have appeared to subside after President Trump backed away from a demand that Congress include funding for the planned border wall with Mexico in an upcoming spending bill
  • *Correction from yesterday* Euro-skeptic candidate Marine Le Pen has stepped down from her position as leader of the National Front Party in order to focus on her presidential candidacy in the French election; Le Pen's campaign continues as she now focuses to run on behalf of all French citizens