The corporate tax angle no one is talking about: Morning Brief Myles Udland
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Changes in the U.S. tax code are a top of mind consideration for investors.
Last week s headlines were primarily focused on potential changes in the capital gains tax; an increase in the corporate tax rate has also been proposed. Though as Yahoo Finance s Rick Newman notes, any eventual changes in tax rates are likely to be smaller than initial indications.
These opening bids from the White House have, however, set off plenty of reaction among Wall Street strategists and analysts trying to answer a common question from their clients What does this mean for markets?
Fed meeting, Big Tech earnings, Q4 GDP: What to know in the week ahead Emily McCormick
Traders will have no shortage of events to consider this week, with the Federal Open Market Committee’s January policy meeting and bevy of major corporate earnings results and economic data releases all on deck.
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January FOMC meeting
In recent public statements, Federal Reserve officials have signaled a commitment to keeping their feet on the gas pedal with respect to their crisis-era monetary policy support.
Namely, Fed officials have signaled that interest rates would stay at their current near-zero level through at least 2023, and that their aggressive asset purchase program would continue at the current rate of $120 billion per month until “substantial further progress” is made in the economic recovery.
12/22/2020 6:34:45 AM GMT
GBP/USD tumbled to sub-1.3200 levels on Monday amid the discovery of a new COVID-19 strain.
Reports that the EU was considering a compromise on fishing extended some support to the pair.
The strong rebound lacked any strong follow-through and faltered ahead of the key 1.3500 mark.
The GBP/USD pair opened with a bearish gap in reaction to the imposition of the most severe lockdown measures in London and southeast England to control the fast-spreading new variant of the coronavirus. The discovery of new strain, which was said up to 70% more transmissible than the original, spooked investors and provided a strong boost to the US dollar s status as the global reserve currency. The British pound was further pressured by a deadlock in the post-Brexit trade deal negotiations. Both sides remain at odds over access to the UK s rich fishing waters and missed yet another deadline. The European Parliament had fixed Sunday as the last moment it could accept a text of
Dec 22, 2020 14:32 GMTFXStreet News
AUD/USD is posting losses for the third straight day.
Upbeat data from Australia failed to help AUD find demand.
US Dollar Index clings to small gains above 90.00 ahead of US data.
The AUD/USD pair closed the first day of the week modestly lower and stretched lower on Tuesday. Although the pair was able to pull away from the daily low it set at 0.7530, it remains in the negative territory. As of writing, AUD/USD was down 0.35% at 0.7558.
USD struggles to preserve its strength
Earlier in the day, the data published by the Australian Bureau of Statistics showed that Retail Sales in November increased by 7% on a monthly basis. This reading came in much higher than October’s growth of 1.4% but failed to provide a boost to the AUD.