USD index, that measures the price of the USD basket against other major currencies, rose on Friday as the hopes for a united states tax reform rose after the Senate approved the budget, allowing Republicans to track tax cuts without the need for party support.
USD gained gains on Thursday after the united states Senate approved the budget plan for the fiscal year 2018, which would allow Republicans to push ahead with their rose plans to cut taxes without the need to support the Democrats.
The Republican-controlled Senate voted 51 to 49, adding as $ 1.5 trillion to the federal deficit over the next 10 years from tax cuts.
On the agenda for next week, investors will wait for the ECB meeting to see for more details on plans to cut the massive stimulus program. In the United States, attention is focused on the preliminary reading of economic growth in the third quarter, in order to further assess the impact of recent hurricanes on economic activity and how this could affect the Fed’s view on monetary tightening schemes.
The following are the major economic events this week
Monday 23 of October
Canada will publish wholesale sales data.
Tuesday 24 of October
The Eurozone will release data on the activity of the manufacturing and service sectors.
Wednesday 15 of October
Australia will publish data on inflation and the IFO Institute will publish the German Business Climate Report.
In UK, the preliminary reading of economic growth will be published in the third quarter, while the United States will publish durable goods orders and new home sales.
In Canada, attention will be directed to the Bank of Canada meeting that has been scheduled to announce its interest rate decision. The decision will also be accompanied by a press release identifying the economic conditions and factors affecting the villages, as well as a press conference by the President of the Bank.
Thursday 26 of October
New Zealand will release trade balance data, and the ECB will announce its monetary policy decision. The announcement will be followed by a press conference by President Mario Draghi.
In the United States, initial jobless claims and Pending Home Sales will be published.
Friday 27 of October
Japan will release inflation data, and the united states is due to end the week’s agenda with initial economic growth data for the third quarter.