Dollar strength a good thing? Mnuchin pulled the Easter Bunny

Asia stocks dollar under pressure after soft U.S. data

The failed effort to repeal and replace the Affordable Care Act, also known as Obamacare, threw off a timetable that even Mnuchin had admitted was ambitious for the complex task of overhauling the tax code, he told the Financial Times.

However, Mnuchin also agreed that the dollar's strength in the short run is hurting exports and the economy;based on such mixed signals, traders are finding it hard to choose on which side to take a trade.

Mnuchin told the Financial Times in an interview that the target to get tax reforms through Congress and on President Donald Trump's desk before August was "highly aggressive to not realistic at this point".

The dollar added to overnight gains and was up 0.1 percent at 109.040 yen after rising briefly to 109.225.

Mr. Mnuchin also confirmed that the controversial border adjustment tax is still on the table but insisted that there are other ways to close budget gaps.

After the British pound took center-stage on Tuesday with its second-largest one-day rise since 2008, the Australian dollar was the biggest mover on major currency markets on Wednesday, sliding 0.7% as iron ore prices took a dive.

It looks like the USA won't have a reformed tax system by Labor Day after all.

USA retail sales fell for a second straight month in March and consumer prices dropped for the first time in just over a year, underscoring the magnitude of the loss of economic growth momentum in the first quarter. With the Republicans in charge of both branches of Congress as well as the presidency, Mr Trump's officials have been locked in negotiations with GOP leaders on ways to make the U.S. tax system simpler and more competitive. "When you calculate whether it is deficit-neutral or not, there are a bunch of different calculations and a bunch of models". "We need to junk our current tax code for one more suited to the modern economy".

Trump said last week in an interview with the Wall Street Journal that the dollar was "getting too strong", and backed away from labelling China a currency manipulator. "We're going to be announcing it very soon", Trump said at Snap-on headquarters in Wisconsin.

Essentially, Credit Agricole foreign exchange strategist Vassili Serebriakov comments, "I think we started out in a risk-off mode but then that's been unwinding in a more risk favourable way".

Gold gained 0.7 percent to hit a five-month high of $1,295.5 per ounce on continued concerns on tensions over North Korea. Mnuchin, a former Goldman Sachs banker, says that won't increase the United States deficit because the money lost from lower taxes will be offset by economic growth.

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