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US Dollar Falls on Trump Tax Cut Uncertainty; Euro Rebounds After Catalonia Leader Opens Talks with Spain

Published October 11, 2017
  • The US dollar remains under pressure this morning due to ongoing uncertainty over US President Donald Trump’s planned tax overhaul; Trump’s recent row with top Republican Senator Bob Corker stoked fears that the president may lose crucial party support needed to pass the tax cuts through the US Congress and Senate.
  • The Federal Reserve is set to release its minutes from the most recent policy meeting at 2:00 PM EST; the Fed left rates unchanged as expected in September while signaling intentions for a rate hike in December.
  • Chances for a December rate hike from the Federal Reserve now stand at 91.7%; odds for a December rate hike from the Bank of Canada come in at 67.2%.
  • The euro rose to two-week highs yesterday against the US dollar and Spanish bank stocks rebounded after Catalonia leader Carles Puigdemont did not openly declare independence from Spain; Puigdemont opted to start negotiations with Madrid on the secession of his proposed state before declaring immediate sovereignty.
  • A litany of contentious US NAFTA renegotiations demands are set to be discussed this afternoon in the fourth round of NAFTA talks; insiders briefed on the proposals said that the US NAFTA delegation intends to demand more stringent rules on trade surrounding the North American automotive sector.
  • Oil prices rose for a third session in a row today amid signs that the global supply of oil is tightening; positive forecasts for global economic growth from the International Monetary Fund also indicated that global demand for oil will rise in the coming year.