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US Dollar Flat on Potential Delay in Tax Cuts

Published November 10, 2017
  • USD is relatively flat this morning after bumpy trading overnight. US Senate Republicans presented a plan yesterday to reduce corporate taxes from 35% to 20%, though they also contemplated a one-year postponement to 2019 before the tax cuts are implemented.
  • This is concurrent with the House of Representatives approving amendments for its tax reform bill (different from the Senate version) which would come into effect in 2018. The challenge of reconciling the two tax plans has lead to uncertainty regarding implementation.
  • Trump’s Asian tour has been relatively less volatile these last couple of days. Trump has praised Chinese President Xi Jinping and unveiled $250 billion of business agreements between the 2 countries. An additional positive note is that the risk of re-escalation with North Korea seems to have passed.
  • Crude oil prices are mixed this morning, holding near 2-year highs as tensions between Saudi Arabia and Iran mount; the surprise resignation of the Lebanese prime minister has also lead to an order for all Saudi citizens to leave Lebanon. WTI crude is down 0.07% to $57.13 and Brent crude is up 0.13% to $64.01 at the time of writing.