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The US Senate has passed the 2018 budget blueprint which is the foreunner for tax reform. US dollar higher on optimism and that House will be shamed into no further delays. Passes 51-49 vote along party lines. The Dollar Yen rose back over 113 (see chart) and the $EURUSD gave up all it's gains from the U.S. session. The U.S. continued ti gain agianst the New Zealand and Australain dollars as the kiwi continued to fall after the surprise NZ P.M. choice.

USDJPY 10 19 2017 Budget

 

Highlights of Budget Blueprint and What it means via Reuters

  • $4 trillion budget through the Senate
  • US Senate passes 2018 budget blueprint, setting stage for Republican tax reform effort
  • 51-49 vote
  • Allows for debate later to overhaul the U.S. tax code
  • Senate measure needs to be now reconciled with the House budget plan

Senate majority leader Mitch McConnell floor speech

“critical to getting tax reform done”.

“Tax reform is all about getting American going again and growing again. It aims to take more money out of Washington’s pockets and put more money in middle-class pockets,” 

“And it represents a once-in-a-generation opportunity to replace a failing tax code that holds Americans back with one that works for them.”

Senate minority leaderChuck Schumer

“entirely divorced from the real problems in our economy and our society”.

“Our economy suffers from massive inequality – which is growing – a concentration of wealth at the very apex of our country’s elite,” 

“The rich are doing well in America. God bless them, I’m glad they are. And American corporations are recording record high profits – just look at the stock market, which reflects that. God bless them too, we hope they do well. But middle class incomes have not risen with the rise in corporate profits or record levels of wealth concentrated among the wealthiest families.”

From the TradersCommunity News Desk

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