20/07/2017 - Embattled Trump Struggling to Repeal Obamacare

USD

The US dollar struggled against various major currencies yesterday amid doubts over the future of President Trump’s economic agenda after Republican efforts to repeal and replace Obamacare derailed in the US Senate.

The failure to deliver on healthcare reform dealt a major policy blow to the Trump administration and indicated that other reforms such as overhauling the tax code and implementing fiscal stimulus could face difficulties.

However, USD showed little reaction to yesterday’s release of positive US housing data which showed that housing starts increased by 8.3% from the month before. Analysts had originally expected June’s index to rise to 5.8%. The number of building permits issued also rose by 7.4%, exceeding expectations of 3.0% rise.

Key Announcements 

12:45 – EUR: ECB interest Rate Decision expected to remain unchanged at 0%

13:30 – EUR : ECB Press Conference and Monetary Policy Statement