What's Happening Today:
- With a somewhat mixed Asian and European market, U.S. futures are pointing to a slightly lower open this morning, The major themes from last week have rolled into today as the domestic and global politics have continued to overtake headlines. The outcome for the German election was widely predicted that Angela Merkel would win but with the anticipated party voting results. The Chancellor now must attempt to build a coalition government in the country. In the U.S., the dramatics continue with respect to the proposed health-related bill that could potentially replace and repeal the Obamacare act. Republican party based discussions are still taking place in order to solidify potential 52-48 vote outcome.
- In addition to the health bill, President Trump will be looking forward to submitting a tax reform plan that will certainly be discussed among both parties.
- With both the domestic and global political climates providing headline risk to traders, the focus continues to be on the current environment as the EUR/USD, GBP/USD and the dollar index (DXY) are experiencing price action this morning.