Yesterday the head of the White House, Donald Trump made a speech before Congress where he touched on the problem of internal policy and one of the first things about which the president pointed out as his achievements was tax reform, according to which the reduced tax rates for corporations and individuals will increase the wealth of ordinary Americans and will allow them to bring more money home, said the President. This should also allow US companies to win on the global markets and to be more competitive, and will help to return companies to the territory of the country, which will create new jobs and strengthen the economy.
After yesterday's statements by the Bank of England;s governor Mark Carney, the fact that a weakening of the economy is underway became clear. All of investors' attention will be concentrated on achieving the desired level of inflation. The British pound resumed its strengthening and reached the level of 1.42 against the US dollar.
The official China PMI industry index lost 0.3%, but unofficially added 0.3%. However, given the secretive Chinese policies regarding the economy, traders have to be careful, because the accuracy of the data is in doubt. HSBC said there needs to be more transparency in the data coming from China and refused to back up the PMI data.
Today investors will be focused on the weekly report on crude oil stockpiles in the US, as a sharp decline in the previous reports pushed quotes to upgrade three-annual highs. Today is also expected a FOMC meeting where further increases in interest rates in March could be announced, and at the same time the value of interest rates in the coming quarter will be declared. It is projected that at the moment the level of the rates will remain unchanged and amount to 1.5%. Furthermore, in US today will be released a series of indices regarding the level of employment and the real estate market, and in Canada today we expect a release on GDP growth data.
