MTS Help Center

·         The dollar traded near a three-month high against the yen on Wednesday, underpinned by reports that Republican senators were favouring John Taylor to become the next head of the U.S. Federal Reserve.

The dollar climbed 0.2 percent against a basket of major currencies, close to its highest levels in three weeks.

The dollar was trading flat at 113.87 yen, close to Monday’s peak of 114.10 yen, which was the dollar’s highest since July 11.

The euro held steady at $1.1761, with the near term focus on Thursday’s European Central Bank policy meeting.

·         Bookmakers’ odds on Taylor becoming the next chair almost doubled overnight, according to RBC Capital Markets, from 18 percent to 34percent.

·         Congress is looking for ways to raise revenue as part of a tax overhaul plan, and one of the methods reportedly under consideration is to curtail how much pretax money workers can contribute to their 401(k) and similar accounts. Such a move would strike at a way that tens of millions of Americans use to save for retirement.

The suggestion has already run into some resistance, even if it isn't an official policy proposal. President Donald Trump said Monday in a tweet that "There will be NO change to your 401(k). This has always been a great and popular middle class tax break that works, and it stays!"

·         China’s Communist Party revealed its new leadership helmed by President Xi Jinping on Wednesday, breaking with recent precedent by failing to include a clear successor to the president among the seven-man line-up.

·         The likelihood of a disorderly Brexit has crept higher but that won’t deter the Bank of England from raising rates next week for the first time in a decade, even though many economists believe that would be a mistake, a Reuters poll showed on Tuesday.