Tax Plan Passage Muted Single Currency
The single currency has weakened. Euro/Dollar pair lowered 0.47% to trade at 1.1847. Eurozone Sentix Investor Confidence fell to 31.1. Eurozone PPI rose 0.4%. Today, the US will feature Factory Orders. Tomorrow we’ll get German and Eurozone services PMIs, Eurozone retail sales and US ISM Non-Manufacturing PMI. Theresa May is preparing to meet Jean-Claude Juncker (European Commission President). Today is a deadline for May to reassess her offer on divorce. Still, British government considers the December’s summit to be the final date. Theresa May is expected to offer some 40 billion or 50 billion Pounds for Brexit. The case of Irish border will also be discussed.
The Senate has approved the tax bill and thus the greenback significantly reinforced. The corporate tax will be cut to 20% and it will come into life in 2019. Economists say, the plan won’t provide much improvement to the economy.