(20 OCTOBER 2017)DAILY MARKET BRIEF 1:USD bounces back as US yields recover

It is Friday and the US dollar is going up. The greenback has been going on a roller coaster over the past five days as the immediate outlook is quite opaque. In the US, the dollar has been able to hold ground so far, thanks to buoyed optimism regarding Trump tax reform. This is not a done deal yet, however this is the first since the beginning of Trump’s mandate that he’ll be able – or at least he has the odds on his side for once – to pass one of its campaign promises. Big time. Yesterday evening the Senate made a significant step toward the tax reform. This is good news for the greenback, however we believe it is not time to put all your chips on the dollar as many uncertainties remains. To name just a few ones: although the Fed will most likely hike rate in December, there are speculations that next year rate path will be less aggressive than initially anticipated, then the potential nomination of a new Fed Chair could impact significantly the Fed future monetary policy, finally Tr

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