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Trump backtracks on NAFTA

Thursday 27th April
US Dollar

The Trump administration dominated headlines yesterday as we were given the first indication of what the Presidents eagerly awaited tax reforms may look like. As predicted, there was very little detail given as the administration insisted the reforms are still in the planning phase. The reform will focus largely on drastic cuts to corporate tax as promised in Donald Trump’s campaign. The administration will be keen to keep this key promise however the reforms will likely be very controversial and Trump will likely find it hard to get the support of Democrats. We could see here yet another political road block in the months to come. As we are on the subject of the administration, we have news that Donald Trump may be looking to renegotiate a deal with NAFTA. Trump once claimed that NAFTA was the “single worst trade deal”, and markets may react to yet more political backtracking. 

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Today's expected ranges

GBP / USD
1.2885 - 1.2940
GBP / EUR
1.1800 - 1.1860
GBP / AUD
1.7210 - 1.7270
GBP / NZD
1.8640 - 1.8700

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Last Week Market Recap

Monday 24th April 2017

Lost a fraction last week as the RBA released its Monetary Policy Meeting Minutes with mixed economic numbers from both countries. The week began with the rate making its weekly high of 0.7609 on Monday after a lower than expected U.S. Empire State Manufacturing Index number. The pair then declined on Tuesday after the RBA’s Monetary Policy Meeting Minutes noted that, “Members observed that the nature of the risks to global financial stability had changed over the preceding six months as the economic outlook had improved and longer-term interest rates had risen. In particular, there was an increased risk that future portfolio adjustments could prove disruptive.” The rate continued lower on Wednesday, making its weekly low of 0.7490 as the price of oil began to sell off. Thursday saw the pair rebound after the Australian NAB Quarterly Business Confidence index printed at 6 versus a previous reading of 5 upwardly revised to 6. The pair continued gaining on Friday despite a better than expected U.S. Existing Home Sales number. AUD/USD closed at 0.7545, with a loss of -0.2% for the week. 

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