House passes the Republican tax cut plan | IFCM Indonesia
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House passes the Republican tax cut plan

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US stock market and ICE US dollar index correction continued last week as the House passed the Republican tax cut plan. The SP 500 slipped 0.2% and the ICE dollar index fell 0.8% for the week.

The ICE US dollar index retreated in every session last week except Monday and Wednesday. 2 It lost 0.7% on Tuesday as euro rallied 1.1% after Germany’s statistics agency reported German economy grew at above expected 2.8% on year rate in the third quarter. The dollar index slipped 0.3% Friday following a report that US special counsel Robert Mueller’s team had issued a subpoena to Trump’s campaign in mid-October.

The SP 500 ended lower in all sessions last week except Monday and Thursday. 3 It fell 0.2% Tuesday after Senate Republicans linked repealing Obamacare individual mandate to their tax bill. This made it more difficult to gain sufficient votes for Congress approval. The SP 500 lost 0.6% Wednesday as Republican senator Ron Johnson said he wouldn’t vote for the tax package as it benefits big corporations more than smaller companies. It advanced 0.8% Thursday as the House passed the Republican tax cut plan. The SP 500 retreated 0.3% Friday on renewed political uncertainty.

US tax reform progress, Federal Reserve and European Central Bank meeting minutes, as well as UK’s economic growth update with euro-zone economic activity reports are the major events expected to drive markets this week. Fed meeting minutes are due Wednesday. Euro-zone purchasing manager’s index reports will be released Thursday morning followed by UK GDP second estimate and ECB policy meeting accounts.

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