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Forex - Yen slightly weaker ahead of BoJ, markets await ECB review

Investing.com -

Investing.com - The yen held slightly weaker in Asia on Thursday ahead of the release of the central bank's latest policy review and as investors also looked ahead to policy on the euro later in the day.

The Bank of Japan also finishes a two-day meeting today, with its quarterly economic report due later today. Meanwhile, the European Central Bank's rate decision is expected at 7:45 p.m. USD/JPY changed hands at 111.21, up 0.14%, while AUD/USD traded at 0.7479, up 0.07%. EUR/USD rose 0.05% to 1.0909.

The U.S. dollar index rose 0.13% to 98.85.

South Korea's gross domestic product grew 0.9% in the first quarter of 2017 from the previous three months, the central bank estimated on Thursday, accelerating on strong exports and capital investment.

Overnight, Treasury Secretary Steven Mnuchin and Economic Council Director Gary Cohn said Wednesday, that President Donald Trump's tax reform plan would aim to provide tax relief to American families and lower the business tax rate from one of the highest in the world to one of the lowest.

Mnuchin reiterated the US corporation tax will fall to 15%, and confirmed a tax repatriation holiday for businesses that have sizeable investments overseas.

Meanwhile for individuals, the tax reform package proposed to reduce the 7 tax brackets to 3 tax brackets of 10%, 25% and 35% and repeal the Alternative Minimum Tax as well as the death tax.

"The goal is to simplify the tax system, lower rates, and make the system fairer" said Cohn.

Mr Cohn was reluctant to provide further details on how the Trump administration proposed to pay for the reforms outlined in the tax plan without increasing the budget, but said that the administration is still working with the House and the Senate to agree final details.

The tax reform plan did not include the border-adjustment tax that was favoured by House GOP leaders.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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