Dollar to fresh highs as Trump tax crawls forward
by Ryan Littlestone | November 28th, 2017, 19:59:14 | News |
Senate Republican Leader Mcconnell Says Is Optimistic Senate Budget Committee Will Approve Tax Bill On Tuesday
- Senate Budget Committee Said To Be Considering Republican Tax Bill, Vote Soon
- Working On Getting “50 People Satisfied” To Move Tax Plan Forward
- Says Is Optimistic Senate Budget Committee Will Approve Tax Bill On Tuesday
USDJPY up to 111.63 and the euro takes a dip to a fresh low of 1.1828.
Not even a missile from North Korea can derail this lot.
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And if…. what? swissie above 0.99? usdjpy above 113? It could be nice 😉
It’s all happening tonight eh Stephane? One headline after another.
I personally think the tax news is going to be a dud. It’s being dumbed-down as we speak and I think when it’s fully passed, any pop in the buck will be a good selling opportunity. The only positive for the dollar right now is when it starts moving higher towards the FOMC (another possible fade trade).
FOMC I agree but tax news…. don’t know…. until a few hours ago, it wasn’t a fact and still not. Adam was talking about 118 one month ago, I don’t think that but moving, at least my usdchf long higher, I think so :). But what a differencel, last week all was about tecs, then just a long train up and today what a mess. But it’s nice!
We’ve already had the bulk of the tax news, i.e numbers and favoured implementation, and that was before they got to this round of discussing it properly. The plans are already being dumbed-down, see news on the idea of raising taxes if things don’t play out. That’s pure crazy and it dilutes the original grand plans and makes it almost a certainty that by the time the full plan comes to pass, it’s going to be a very watered down version of what it started off as.
That’s certainly not news that will send the dollar higher, and if we couldn’t rally on the original tax news, and an upcoming hike, we’re not going to rally on a watered down tax plan.
And, if we do hit 118, I’ll likely be front of the queue to sell it 😉
When I read 118…. I couldn’t understand. You’re more than right, it will be a softer tax reform. But the uncertainty about the vote could be a push up. Never mind so many oportunities to buy or sell. I’m not looking for 100 pips in these days.
Markets have been pretty directionless recently. I’m only really jobbing trades for 10/20 pips. I got very lucky being long cable at 1.3223 yesterday just jobbing the strong 1.3220/30 S&R level. I was looking for 1.3260-ish but didn’t have a TP order in, so that was a nice surprise.