Trump said he did not want to "put deadlines" on passing either healthcare or tax reform but he said "healthcare's gonna happen at some point", adding that passing healthcare reform would save money and make it easier to pass a tax overhaul. The dollar index, which gauges the U.S. currency against a basket of six major counterparts, was flat around 100.18.
That would be above the target of around 6.5 percent Beijing has set for this year's growth, but many analysts expect momentum to fade slowly in coming months. Mnuchin, the former Goldman Sachs executive, insisted tax reform would occur before 2018.
"The key for the market is still earnings, economic growth etc, and politics is merely a daily side show", said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago, Illinois.
The dollar steadied against the yen on Tuesday, with worries that US currency manipulation complaints could touch Japan offset by US Treasury Secretary Steven Mnuchin's favouring of a strong dollar in the long term. "In my mind it's a function of the confidence in the potential of the U.S. economy and the current state of the USA economy, particularly relative to the rest of the world".
On April 18, Trump asserted during a speech in Wisconsin that health care would have to be addressed first before tax legislation, CNBC reports.
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"We still think the dollar is going to strengthen over time based on the outlook for USA monetary policy. but for now, with markets not heavily focussed on monetary policy, it could explain this consolidation (for the greenback)", said Eric Viloria, currency strategist at Wells Fargo. "I think that is what he has referred to, which is again factually correct".
"The president's comments during the campaign reflected previous periods of time", he added. "They are in the process of being cleared to roll out".
Aside from concern over North Korea's actions, we are still waiting to see how the market is going to fully react to this move.
But the semi-annual U.S. Treasury currency report maintained the six countries on a "monitoring list" - China, Japan, Germany, South Korea, Taiwan and Switzerland. "These sanctions programmes are extremely important".
"If that doesn't materialize as expected, we would have to revise", said Maurice Obstfeld, the IMF's chief economist during a press briefing, noting that "fiscal stimulus as of now is a work in progress" with "many components being debated".