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Forex News: U.S. Dollar Advances On Trump's Tax Reform Proposal

U.S. Dollar Advances On Trump's Tax Reform Proposal

09/28/2017 - 03:59:00 (RTTNews)

(RTTNews) - The U.S. dollar climbed against its key counterparts in the Asian session on Thursday in tandem with treasury yields, buoyed by the U.S. President Donald Trump's tax overhaul offering tax cut for most Americans and as durable goods orders figures beat expectations.

Speaking in Indiana, Trump rolled out the biggest tax overhaul in three decade, presenting tax cuts for most citizens.

Tax rates on corporations would be cut to 20%, from the current 35%.

The framework sets out individual tax rates of 12%, 25% and 35%, a reduction from the existing seven rates, which currently sees a top rate of 39.6 percent.

The benchmark yield on 10-year treasuries rose 2.35 percent, while that of 2-year equivalent was up by 1.49 percent. Yields move inversely to bond prices.

The currency was also underpinned by rising hopes for a Fed rate hike again by year end after hawkish comments by the Fed Chairwoman Janet Yellen.

Investors await economic reports on weekly jobless claims and second quarter GDP data slated for release later in the day for more clues about economy.

The currency has been trading in a positive territory on Wednesday.

The greenback advanced to 1.3352 against the pound, its strongest since September 14. The next possible resistance for the greenback is seen around the 1.32 region.

The greenback edged up to 113.21 against the yen and 0.9759 against the franc, from yesterday's closing quotes of 112.81 and 0.9720, respectively. The greenback is seen finding resistance around 114.00 against the yen and 0.98 against the franc.

The greenback that closed Wednesday's trading at 1.1744 against the euro advanced to 1.1721. On the upside, 1.16 is likely seen as the next resistance level for the greenback.

The greenback strengthened to more than a 3-week high of 0.7167 against the kiwi, more than 2-month high of 0.7800 against the aussie and a 4-week high of 1.2519 against the loonie, from Wednesday's closing values of 0.7199, 0.7847 and 1.2476, respectively. Further uptrend may take the greenback to resistance levels of around 0.70 against the kiwi, 0.77 against the aussie and 1.265 against the loonie.

Looking ahead, Eurozone economic sentiment index for September is set for release in the European session.

At 8:00 am ET, German preliminary CPI for September is due.

In the New York session, U.S. weekly jobless claims for the week ended September 23, second quarter GDP data, advance goods trade balance and wholesale inventories for August are due.

At 9:45 am ET, Kansas City Fed President Esther George speaks on economy and monetary policy in Missouri, Kansas.

At 10:15 am ET, Federal Reserve Governor Stanley Fischer delivers a speech titled "Reflections on the framework today" at the Bank of England's conference celebrating 20 years of independence, in London.

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