US President Trump to unveil an outline of his tax plan. Trump pledged massive tax cuts for corporations & individuals, and a one-time repatriation of corporate cash held abroad at a reduced rate.

If we get something along those lines today, it could prove positive for USD & US equities. However, our view is that there is more scope for disappointment.

No real details or numbers could lead to little market reaction, or even a negative reaction. Also, pay attention to how the tax cuts are paid for. If his plan is not revenue-neutral (i.e. if the cuts are paid for by an increase in debt), Congress is unlikely to pass it.



BoJ meeting: Unlikely to rattle markets. The BoJ is expected to remain on hold. It could lower its CPI projections a bit, but any reaction in JPY may stay relatively limited.

Euro gets a boost by a Reuters report on the ECB. EUR jumped on reports the ECB may communicate a more optimistic bias at its coming meetings.

Unlikely to do so tomorrow (French election, slowdown in core CPI), but may do it in June.

Could see a negative EUR reaction tomorrow as Draghi may avoid fueling such expectations, but the near-term outlook of EUR remains positive.

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