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Yesterday, it became known that the House of Representatives of the US Congress adopted a tax bill, which is a major victory for the Republicans, as well as for the current US President Donald Trump.
It comes into view that this bill provides a profound reform of the U.S. tax system since the taxes on company revenues in 2018 will be reduced to the lowest level since 1939. At the same time, taxes on personal income will be lessened.
The Congress passed the tax bill with 227 votes, while 205 voted against it. The US tax bill implies a reduction in government tax revenues of $ 1.4 trillion over the next ten years.
After this news, the US dollar fell strongly against the euro and the British pound.
As the end of day, yesterday, a number of statements from the representatives of the Federal Reserve took place. In the speech of the Fed representative Robert Kaplan, he said that there is no need to unfold the interest rate in the short term. Hence, a recession is unlikely to happen.
According to Kaplan, inflation still remains just below the target level of 2% but growing towards it, which will affect the decision of the Fed on interest rates as early as next year. Traders ignored the data on industrial production in the U.S. despite its significant increase in October. The growth was due to the recovery of the manufacturing industry.
According to the data of the U.S. Federal Reserve System, the manufacturing production in October grew by 1.3% compared to September. On the other hand, the industrial production in October increased by 0.9% compared to the previous month while economists had expected a production growth of 0.6%. Correlated with the same period of the previous year, the production growth was 2.9%.
As for the technical picture of the EUR/USD pair, a breakout in the intermediate support formed around the current high of 1.1820 could lead to the formation of a new upward trend in risky assets. This will allow large players to reach the monthly maximum of 1.1860 and a surpassing this level will lead to the removal of stop orders and a stronger growth of the euro at the end of this week.
In the case of a downward correction, new purchases can be considered after the lows of the day have been updated around the level of 1.1750.
Today, an important attention should be given to the speech of European Central Bank President Mario Draghi whose statements would determine the direction of the euro in the short term.
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