Greenback Is Boosted, Senate Tax Plan Vote
The Pound and the greenback are the firmest. The latter was reinforced by GDP numbers and Janet Yellen's speech. DOW has hit the maximum of 23940.68, lifting 103.97 points (0.44%). NASDAQ reduced -1.27%. 10 year yield rose 0.038 to close at 2.376. Yesterday, the Senate voted to open the debate on Republican tax plan and today there should be a final vote. Also, Swiss will release Gross Domestic Product, KOF and retail sales. Germany will announce unemployment, Eurozone will present Consumer Price Index and unemployment rate, the US will show PCE, jobless claims and Chicago PMI.
Janet Yellen deliver her testimony before the Congress. The Chair acknowledged that the economic expansion is very strong. She added that policy accommodations should be consistent and relevant. John Williams (San Francisco Fed President) expressed his concern over weak inflation and said that it will probably pick up in 2018. Angela Merkel is going to have a meeting with SPD leader Martin Schulz and President Frank-Walter Steinmeier. Officials are planning to discuss Grand coalition formation. Martin Schulz promised to advocate “the best solutions for our country”. He also will insist on euro-area budget, a Eurozone finance minister and a "European framework for minimum wages".
Japan industrial production increased 0.5% mom in prior month. Australia private capital expenditure lifted 1.0% in the third quarter. Australia building approvals were up 0.9% mom last month. New Zealand building permits declined -9.6% mom. ANZ business confidence fell to -39.3 this month. China manufacturing PMI surged 0.2 point to 5.18, non-manufacturing PMI increased 0.5 to 54.8. British Gfk consumer confidence reduced to -12.