Yellen lifts dollar as global markets await Trump tax plan

Yellen lifts dollar as global markets await Trump tax plan”

The plan proposes a 20 per cent corporate income tax rate, a new 25 per cent tax rate for pass-through businesses including partnerships. and a reduced 35 per cent top income tax rate for individual Americans, according to a framework seen by Reuters.

"Nevertheless, the U.S. dollar gained across the board and the index has reached a new monthly high but the truth is that most of these gains have to be attributed to Fed's bullish views and their intention to raise rates one more time in December".

Cyclical sectors that had surged on the prospect of "Trumpflation" resulting from the president's pro-growth campaign pledges were the day's top gainers, with miners up 1 percent.

"With rates going up, that is why banks move".

This is a lie, just like the lies that followed when the president began to discuss his tax plan.

When the price of a bond falls, the yield rises. The VIX is also called the "fear index".

Lawmakers should expect a "very, very powerful document" that would cut taxes "tremendously" for the middle class, Trump said on Tuesday.

Others noted though it could be an uphill battle to get the changes approved. The euro EUR= hit a six-week low of $1.1717 as the dollar broadly gained, and last traded at $1.1729, having shed 1.9 percent so far this week. German inflation figures were already dribbling in while economists were also waiting for euro zone wide economic confidence readings due at 0900 GMT. This is still up 2 bps on the day.

The dollar rose half a percent to a one-month high against a basket of currencies and yields on interest rate-sensitive two-year U.S. Treasury yields touched their highest since 2008 after Fed Chair Janet Yellen said on Tuesday it would be "imprudent" to keep rates on hold until U.S. inflation hit 2 percent.

Canada's loonie was last at C$1.2483 to the USA dollar, having early slid to its lowest in a month.

Small-cap USA shares, seen as benefiting the most from the proposed tax cuts, soared, with the Russel 2000 small-cap index .RUT notching a record high, rising 1.9 percent for its biggest one-day gain in nearly six months.

Comments earlier in the week from Fed Chair Janet Yellen that the USA central bank needs to continue with gradual rate hikes have cemented expectations for policy tightening by year-end.

U.S. Treasury yields, pushed up on Wednesday by stronger-than-expected durable goods data, extended their rises into European trade on Thursday.

Shares of big banks, including Bank of America, JPMorgan and Goldman Sachs, were up about 1.5%, after Federal Reserve chair Janet Yellen said it would be "imprudent" to keep rates on hold until USA inflation hit the 2% target.

Brent crude futures slipped from 26-month highs, while US West Texas Intermediate crude rose after stockpiles unexpectedly fell as refiners in the Golf Coast were coming back online following hurricane-related outages.

Canada's loonie fell to C$1.2469 to the US dollar, its lowest in a month.

Like this



28 September 2017
Toddler shoots two other children at U.S. home daycare facility
The shooting remains under investigation. "A lot of times it's just the other kid, her older children watching them". Police took the other children to the police station to be reunited with their families, WXYZ reported.

28 September 2017
Kellogg CEO Bryant to retire; vitamin executive Cahillane named as replacement
His tenure with that company included working as CEO for the company's lnterbrew United Kingdom and Labatt USA subsidiaries. Following this, he will remain as the Executive Chairman of the Board of Directors until March 15, 2018.

28 September 2017
'More than 500000' Rohingya enter Bangladesh
Rights groups say about half of more than 400 Rohingya villages have been torched in the violence . But the military say they are targeting only militants.

28 September 2017
H&M profits slide as high street decline outpaces online growth
H&M has recorded a 20 per cent fall in its third quarter profit despite a rise in sales, as summer discounts hurt margins. However, the sales growth is still well below H&M's new annual target of 10-15 per cent.

28 September 2017
LG V30 is coming to the United States in early October
Additionally, the phone features dual rear cameras with a 16MP standard sensor and a 13MP wide-angle sensor. AT&T and T-Mobile today announced that they're bringing the LG V30 to the United States starting October 5.

28 September 2017
JioPhone early refund: Recharge must be worth Rs 1500 in a year
While announcing the Jio Phone , Mukesh Ambani mentioned that the 4G VoLTE feature phone will be effectively free of cost. This would not be a surprise to many, considering the company would want the buyers of its phone to remain on its network.

28 September 2017
Here's the first Red Dead Redemption 2 story trailer
The only listed formats are Xbox One and PlayStation 4, with no mention of a PC version or, less surprisingly, Nintendo Switch. The facial animations are significantly improved, even over Grand Theft Auto V , and the environments look stunning.

28 September 2017
Chelsea defeat Atletico Madrid 2-1 in Champions League duel
Cesar Azpilicueta has wished Diego Costa all the best after his transfer to Atletico Madrid from Chelsea was confirmed last week. What channel can I watch it on? "I think he's improving and his commitment has been very good during the transition".

28 September 2017
Analyst Earnings Forecast Scan: QUALCOMM Incorporated (QCOM)
TRADEMARK VIOLATION NOTICE: This article was originally posted by StockNewsTimes and is the sole property of of StockNewsTimes. Arcadia Investment Management Corp increased Broadcom Ltd stake by 6,491 shares to 21,690 valued at $5.06 million in 2017Q2.

28 September 2017
Google Takes On Amazon Echo With 'Stereo Sound' Google Home
Whilst Google is set to host an event on October 4th, it's not clear whether the Google Home Max will be unveiled too. It's not hard to think of this as Google's response to Apple's HomePod and quality speakers like those from Sonos .