Morning Commentary – December 5, 2017

The US$ ends the overnight session on a weaker tone on concerns over the Tax Reform Bill because the Senate’s tax bill preserves Alternative Minimum Tax which effectively prevents companies from taking advantage of other tax breaks, especially in the high-tech sector. At this point it’s unclear what effect the oversight will have on the bill’s passage. The related impact of the bill has seen US equities and US$ weaken. Only GBP is under-performing the US$ as a result of renewed Brexit concerns.

We are expecting more volatility in the coming week which should provide opportunities on both sides of the current ranges, I would advise leaving orders to take advantage of the volatility.