The optimism in the markets that President Trump’s tax reforms will be passed saw the markets trading higher. The U.S. dollar was trading mixed but the greenback managed to post gains against the weaker currencies such as the yen and the kiwi dollar.
OPEC managed to seal the deal as the oil producing nations agreed to extend the production cuts through the end of 2018. This sent oil prices higher with Nymex crude oil futures rising 0.2% while Brent oil futures rose 0.7% on the day.
In the Eurozone, the common currency fell as the flash inflation estimates showed that core inflation remained weak at 0.9%. This was despite the headline inflation coming out higher. However, the common currency quickly pared losses on hopes of positive coalition talks between the SPD and the CSU.
Looking ahead, the economic data today will see the monthly ISM manufacturing PMI data. Estimates show that manufacturing activity fell to 58.4 from 58.7 previously. Canadian monthly GDP report and unemployment data is expected as well.
