Market News

The World Bank on Tuesday raised its forecast for China’s economic growth in 2017 to 6.8 percent from 6.7 percent it projected in October, as personal consumption and foreign trade supported growth.

The Republican-controlled U.S. Congress appeared all but certain to pass sweeping tax legislation this week after two Senate Republican holdouts agreed on Monday to support a tax overhaul backed by President Donald Trump.

Wall Street traders are in a good mood as everyone and his momma are optimistic about the final tax bill vote this week. 

The dollar fell against a basket of major currencies on Monday, as concerns grew over whether a proposed U.S. tax overhaul program would have a major impact on economic growth, after the bill moved another step closer to passage over the weekend.

The Canadian dollar was little changed against its U.S. counterpart on Monday, with the loonie trading in a narrow range ahead of domestic data later in the week that could help guide expectations for the interest rate outlook.

Gold edged higher on Monday as uncertainty over U.S. tax reform weighed on the dollar, while an analyst said bullion may face renewed headwinds early next year.

There wasn’t much in the docket, but a few themes were clearly playing out, particularly GBP’s strength, JPY’s broad-based recovery, and the Kiwi’s tumble after climbing higher during the earlier Asian session.

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Oil prices rose on Monday amid an ongoing North Sea pipeline outage and signs that booming U.S. crude output growth may be slowing, although the 2018 outlook points to ample supply despite production cuts led by OPEC.

Risk-taking was the name of the game during the Asian session, as optimism over a successful tax bill and a lack of fresh catalysts pushed higher-yielding assets higher.

Asian shares edged up on Monday, with sentiment boosted by expectations U.S. lawmakers will pass a long-awaited tax bill this week, while Chinese stocks were soggy on concerns about liquidity and tighter regulations in the world’s second largest economy.

Austria is set to become the only western European country with a far-right party in government after the anti-immigration Freedom Party and Sebastian Kurz’s conservatives struck a coalition deal to share power almost equally.

There were top-tier events for GBP, EUR, and USD. However, NZD and AUD stole the show since the two dominated their peers, with NZD being the stronger of the two. So, what drove price action this week? Read on and find out!

Republicans in the U.S. Congress released a final version of their tax bill on Friday, clearing the way for Senate and House of Representatives votes on the legislation next week.

Not just important for forex traders, learn how the Fed’s rate hike affects interest rates for consumers with credit card debt, car loans, student loans and mortgages.

Gold prices clung to earlier gains and were poised for their first weekly gain in four weeks on Friday, withstanding pressure from strong equities markets on continued support from this week’s interest rate rise by the Federal Reserve.

Republican negotiators in the U.S. Congress on Friday expanded a child tax credit that is part of sweeping tax legislation in order to shore up support for passage, but it was still unclear whether the move was enough to satisfy two balking senators.

The European Union agreed on Friday to move Brexit talks onto trade and a transition pact but some leaders cautioned that the final year of divorce negotiations before Britain’s exit could be fraught with peril.

There wasn’t much on the docket. Even so, there was action to be had since EUR caught a bid while GBP took a pounding ahead of the Euro Summit and then got whupped some more when Brexit talks were cleared for Phase 2.

U.S. President Donald Trump’s ‘America First’ brand of economic nationalism is pushing Mexico to seek sanctuary in more open commercial ties elsewhere to soften the blow of a possible breakdown of the NAFTA.