The US Dollar was little changed after the release of US Q1 GDP data despite results showing a much deeper slowdown than analysts had forecast.
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The Pound has shrugged off worse-than-expected GDP data and is continuing to rise.
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The big event of the day for foreign exchange markets was the release of the US administration’s proposed changes to the US taxation system.
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US tax cuts are likely to come with a hefty price tag, which will eventually weigh on the Dollar, argues HSBC’s David Bloom.
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Regardless of what president Trump announces in his tax reform speech today, the Dollar is probably peaking versus western European currencies, says Société Générale’s Kit Juckes.
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Ahead of an important event for the US Dollar and global stock markets, we see the Pound to Dollar exchange rate (GBP/USD) consolidate.
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The Pound is to remain weak during 2017 due to ‘imbalances’ in the economy and "political instability", argues HSBC’s David Bloom.
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