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Forex News: Dollar Little Changed On Light Data Day

Dollar Little Changed On Light Data Day

04/26/2017 - 14:41:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Wednesday afternoon, but is little changed overall. The lack of U.S. economic data is keeping some investors on the sidelines. Traders were also in a cautious mood ahead of the President's highly anticipated tax reform plan.

Things will pick up on the economic front starting tomorrow. Traders can look forward to the release of weekly jobless claims, durable goods orders, international trade and the pending home sales index. Meanwhile, GDP, consumer sentiment and the Chicago PMI are all slated for Friday morning.

White House chief economic adviser Gary Cohn and Treasury Secretary Steven Mnuchin outlined Trump's plan in a briefing to reporters at the White House.

Trump's tax reform plan would reduce the number of income tax brackets from seven to three, with a top rate of 35 percent and lower rates of 25 percent and 10 percent.

The president's proposal would also lower the corporate tax rate to 15 percent from the current 35 percent.

Trump's plan would also eliminate the alternative minimum tax as well as the estate tax, which is also known as the "death tax."

Investors will be keeping an eye on tomorrow's announcement from the European Central Bank. The ECB is widely expected to keep all its three interest rates unchanged for a ninth consecutive policy session on Thursday. The bank is also expected to retain its asset purchases of EUR 60 billion a month till December 2017.

The dollar climbed to a high of $1.0854 against the Euro Wednesday, but has since eased back to around $1.09.

French consumer sentiment remained stable as expected in April, survey results from the statistical office Insee showed Wednesday. The consumer sentiment index remained at 100, its long-term average, for the fourth consecutive month in April.

The buck reached an early high of $1.28 against the pound sterling Wednesday, but has since retreated to around $1.2850.

The greenback fell to a low of Y111.031 against the Japanese Yen Wednesday, but has since rebounded to around Y111.325.

Japan's industrial production rebounded at a faster-than-expected pace in February on back of strong industrial production, data from the Ministry of Economy, Trade and Industry showed Wednesday. The all industry activity index climbed 0.7 percent month-over-month in February, reversing a 0.4 percent drop in January. Economists had expected a 0.6 percent increase for the month.

Japan's small business confidence weakened in April after rising in the previous month, survey data from Shoko Chukin Bank showed Wednesday. The small business confidence indicator dropped to 48.6 in April from 50.5 in March. In February, the score was 47.7.

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