US: Momentum building towards tax reform passage - ANZ
Analysts at ANZ suggest that momentum is building towards the passage of US tax reform.
“Notably, there is talk that both Houses will pass a short-term “continuing resolution” next week, which will authorise a continuation of government spending until early next year. This could allow Congress to devote more time in December to resolve the differences on the tax bill – thus increasing the odds a tax overhaul could be approved by year-end. It’s unclear, however, whether this will provide much momentum to the USD – with lots of positive news already priced into the currency (the surprise index is at the highest level in more than 6 years) and lingering uncertainties around the impact the tax reform could have on the economy.”