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Forex - Aussie, kiwi move higher vs. greenback after Trump comments

Published 04/27/2017, 02:27 AM
Updated 04/27/2017, 02:27 AM
Aussie and kiwi rise as U.S. tax reform announcement limits greenback's gains

Aussie and kiwi rise as U.S. tax reform announcement limits greenback's gains

Investing.com - The Australian and New Zealand dollars moved higher against their U.S. counterpart on Thursday, as sentiment on the greenback remained fragile after U.S. President Donald Trump gave no specific details on his tax reform, disappointing investors.

AUD/USD added 0.19% to 0.7488, easing off a three-month low of 0.7452 hit on Wednesday.

Market participants received no additional information on the highly-anticipated U.S. tax reform on Wednesday, as Donald Trump reiterated that the income tax rate paid by public corporations will be cut to 15% from 35%.

He also confirmed plans to reduce the top tax rate assessed on pass-through businesses, including small partnerships and sole proprietorships, to 15% from 39.6%.

The U.S. President also announced on Wednesday that he would not scrap the North American Free Trade Agreement (NAFTA) but renegotiate instead, contrary to campaign promises.

NZD/USD gained 0.38% to trade at 0.6915, off the previous session’s four-month trough of 0.6868.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 98.85.

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