There’s speculation on whether the Senate Republicans will be able to move forward with voting the tax reform bill this week which will clearly lift the US currency across the board.
U.K. Chief Secretary to the Treasury Liz Truss says reports that U.K. and EU have agreed outline deal on Brexit financial settlement is "media speculation."
Jerome H. Powell, nominated by President Trump to lead the Federal Reserve, presented himself as a pragmatic moderate who would largely continue the Fed’s current policies at a confirmation hearing before the Senate Banking Committee on Tuesday. Mr. Powell, a Fed governor since 2012, defended the Fed’s approach to financial regulation. He told Democrats that he saw no need for stronger rules, and he told Republicans he did not favor rolling back most existing ones, though he did endorse easing the burden on smaller banks. Mr. Powell also pledged to continue the Fed’s current approach to monetary policy, by gradually raising interest rates so long as economic growth remains healthy. (NY Times/Bloomberg)
Janet Yellen will be testifying on the US economic outlook to Congress today. But she is unlikely to shake things up much, given that she is on the way out and the market has already fully priced-in a December rate hike.
Market impact of North Korea missile test was minimal as USDJPY fell 10 pips after North Korea announced that it had fired a new type of ICBM that puts entire U.S. in range.