ECB in focus

In currency markets the dollar held its gains from last week’s passing of a key budget bill that opened the way for Trump’s tax plan. But investors are keeping watch on events in Washington as the president deals with fractious members of his own Republican party.

“The big news is that House of Republicans are now scheduled to release a full tax reform bill to the public next Wednesday, but Senate mutter tempered the mood as Republican Senators Bob Corker, John McCain, Rand Paul may not support tax overhaul,” said Stephen Innes, head of Asia Pacific trading at OANDA.

The euro is also in focus ahead of the ECB’s policy meeting Thursday, at which it is expected to announce a big reduction in its bond-buying stimulus as the eurozone economy picks up.

However, the Catalan independence crisis in Spain, one of the eurozone’s biggest economies, continues to play on nerves.

Dealers are also awaiting Trump’s decision on who will run the Fed when Janet Yellen’s term ends early next year

France 24

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Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes