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By xemarketanalysis October 20, 2017 2:24 pm
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    XE Market Analysis: US Dollar Stronger on Tax Reform Progress

    OVERVIEW

    • South African Rand slumps on rumors over sacking the deputy president.
    • Kiwi Dollar continues to weaken after the formation of a coalition government earlier in the week.
    • Sterling is weak as doubts arise over future interest rate hikes.
    • US Dollar is higher as progress is made on tax reform. 

    HIGHLIGHT

    The US Dollar is stronger today as progress on tax reform was made. This has shifted sentiment and investors are now expecting higher values.

    US DOLLAR

    Please see today's highlight!

    BRITISH POUND

    The Pound looks set to end the week down around a two-week low as doubts over an interest rate hike may not occur this year. This week’s lower retail sales numbers and concerns that Brexit talks are not progressing rapidly enough are putting pressure on the MPC members ahead of their meeting in early November. 

    EURO

    The Euro is stable ahead of the ECB meeting next week as there has been open communication from the European leaders after the European Council meeting regarding Brexit negotiations. The ECB is expected to taper their QE program by €20 billion per month. 

    CANADIAN DOLLAR

    The Loonie is weaker today after a surprise fall in domestic retail sales of 0.3%. The market has been expecting a slow down due to the hike in interest rates, however this number is more extreme than expected. 

    AUSTRALIAN DOLLAR

    The Aussie Dollar has broken out of the top of its range against the Kiwi Dollar and pushed higher after the formation of a government in neighboring New Zealand. 

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