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US Dollar Strength Wanes on Tax Reform Delays

Published November 8, 2017
  • USD is down ~0.30% to 1.2725 following reports that Senate Republican leaders might postpone the tax overhaul implementation by as much as one year.
  • Trump decided to throw fuel on the smouldering tensions with North Korea while on his tour of Asia, saying that N. Korea has interpreted America’s past restraint as weakness, which would be a “fatal miscalculation”.
  • The loonie is up this morning on broad USD weakness amid renewed geopolitical tensions, lower crude oil prices, and stronger than expected Housing Starts and Building Permits.
  • Bank of Canada Governor Poloz spoke yesterday in Montreal, where he said he is not worried about expectations for low inflation, and that fundamental forces continue to drive inflation as the economy evolves.
  • The US Energy Information Administration releases its crude oil inventory report later this morning with markets expecting a decline of 2.5 million – 2.8 million barrels in crude stockpiles.
  • Oil prices are down ahead of the 10:30am EST release, with WTI crude down 0.31% to $57.02 and Brent crude down 0.36% to $63.46 at the time of writing.