• The dollar clung to gains against the yen on Thursday after U.S. President Donald Trump's tax plan offered no fresh surprises, halting the greenback's rally, while the market awaited the European Central Bank's upcoming monetary policy decision.
The Canadian dollar and Mexican peso also lost steam on reports the United States is considering withdrawing from the North American Free Trade Agreement (NAFTA), although the timing of the action is uncertain.
The dollar index against a basket of major currencies was little changed at 98.931 after rising to 99.332 overnight. The dollar was up 0.15 percent at 111.220 yen.
The euro was up 0.1 percent at $1.0911.
• President Donald Trump unveiled a one-page plan on Wednesday proposing deep U.S. tax cuts, many for businesses, that would make the federal deficit balloon if enacted, drawing a cautious welcome from fiscal conservatives and financial markets.
In the plan, unveiled at the White House by Trump economic adviser Gary Cohn and Treasury Secretary Steve Mnuchin, Trump proposed cutting to 15 percent both the income tax rate paid by public corporations and that paid by "pass-through" businesses, including partnerships, S corporations and sole proprietorships.
The top corporate rate is now 35 percent, though few multinational companies pay it, thanks to loopholes that allow them to lower their effective tax rates. Despite this, corporations have pushed for a tax rate cut for many years, and Trump has obliged.
The top rate for pass-throughs, which account for most small businesses, is 39.6 percent, the same top rate paid by individuals. Unlike corporations, the profits of "pass-through" businesses flow directly onto their owners' tax returns.
• Republican lawmakers launched the next round in their fight against federal regulation on Wednesday, helped by at least one Democrat, as the U.S. Senate began work on legislation to change nearly every step agencies take in creating and applying new rules.
• The U.S. Congress inched toward a deal to fund the government through September but was preparing to possibly extend a midnight Friday deadline in order to wrap up negotiations and avoid an imminent government shutdown.
• The Trump administration said on Wednesday it aimed to push North Korea into dismantling its nuclear and missile programs through tougher international sanctions and diplomatic pressure, and remained open to negotiations to bring that about.
• Oil prices rebounded from early losses on Wednesday after U.S. government data showed a larger-than-expected falloff in crude inventories, which encouraged buying after several days of selling on worries that a global crude glut was persisting despite output cuts by producing countries.
U.S. crude prices stayed higher, while Brent edged back into negative territory but off session lows. U.S. West Texas Intermediate (WTI) settled up six cents at $49.62 per barrel, while Brent crude, the international benchmark, ended down 21 cents at $51.82 a barrel.
• The U.S. Energy Department said crude stocks dropped 3.6 million barrels last week, more than double what was expected. [EIA/S] The government data was a surprise the day after industry group the American Petroleum Institute said its data showed a build.
Reference: Reuters
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