Expecting a markup of the House's tax proposal next week - Nomura

Ross J Burland FXStreet

Analysts at Nomura explained that now that the House has adopted the Senate’s Budget Resolution for FY 2018, the analysts expect the House to release a markup of its tax proposal next week and the Senate is likely to follow suit a couple of weeks later.

Key Quotes:

"Overall, we assess the probability of overcoming the challenges in passing a large and comprehensive package at 30%, a small and simple package at 60%, and no package at 10% (for a detailed discussion on the difficulties of comprehensive tax reform."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD struggles to regain momentum in the low1.1600s

EUR/USD is giving some signs of life in the aftermath of two severe days of losses on Wednesday, reclaiming the 1.1600 hurdle and above on the back of the resurgence of a mild selling bias around the US Dollar. Moving forward, the usual US weekly Claims will take centre stage on Thursday ahead of Friday’s crucial NFP data.

GBP/USD appears bid around 1.3370

GBP/USD reverses part of its recent multi-day decline, gathering some balance and managing to reach the 1.3400 region, where some initial resistance seems to have turned up. Cable’s uptick comes in response to some loss of momentum in the Greenback despite the geopolitical scenario remaining fragile.

Gold recovers modestly despite intensifying Middle East crisis

Gold keeps its daily gains well in place, although a break above the $5,200 mark per troy ounce still remains elusive on Wednesday. The yellow metal’s rebound comes in response to the persistent flight-to-safety amid intense geopolitical tensions in the Middle East and the bearish performance of the US Dollar.