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Trump's biggest shake-up of tax system sends dollar, bond yields soaring

The dollar's strength pressured many emerging market currencies and commodities

Reuters  |  London 

The dollar and global borrowing costs rose on Thursday after President Donald Trump proposed the biggest shake-up of the U.S. tax system in three decades and strong data supported the case for another Federal Reserve rate hike later this year. The dollar's strength pressured many emerging market currencies and commodities, but Europe's main stock markets gave Trump's blueprint the cautious thumbs up after Wall Street and Japan's Nikkei had gained overnight. Banks rose 0.7 percent to fresh seven week highs, though that was partly offset as miners struggled and as ...

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First Published: Thu, September 28 2017. 16:20 IST
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