US dollar eases from highs on Trump tax plan disappointment



The US dollar shed gains against major rivals on Wednesday after a White House tax reform announcement was viewed as lacking in new details, while the peso and Canadian dollar sank on reports that the US is considering withdrawing from the North American Free Trade Agreement.

US President Donald Trump’s plan would cut the income tax rate paid by public corporations to 15 per cent from 35 per cent and reduce the top tax rate assessed on pass-through businesses, including small partnerships and sole proprietorships, to 15 per cent from 39.6 per cent.

The US dollar hit its highest level of the month against the yen of 111.77 yen just before the plan’s unveiling, but pared gains after the announcement and last stood little changed against the Japanese currency at 111.15.

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