Investors Cheer Final Approval of US Tax Bill

Investors have a good reason for joy as the US Congress eventually gave final approval to the business friendly tax reform. Nevertheless, this news has made a limited impact on trading sentiment. In the Asian trade, the US 10-year Treasury yield continued to rise while the USD/JPY pair was steadily heading for the psychological level of 114.00. The Bank of Japan ended the 2-day policy meeting. In a widely expected move, the regulator left the key interest rate unchanged at -0.1%. In the policy statement the central bank noted stable economic growth, but admitted protracted soft consumer inflation. Besides, Governor Haruhiko Kuroda did not give any sensational remarks at the post meeting news conference.

Meanwhile, the New Zealand dollar is one of the best performers today. The kiwi surged above 0.7000 against the US dollar. The New Zealand dollar received a boost from better than expected GDP data. New Zealand reported that GDP rose 0.6% in the third quarter, whereas economists expected a smaller increase. In annual terms, the domestic economy expanded 2.7% compared to a 2.3% rise in the consensus. On the whole, strong GDP data prove healthy economic conditions in New Zealand. Now, investors are adjusting their trading decisions before leaving for the holiday. So, volatility on forex is waning notably in the run up to the Catholic Christmas.

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