A slow start to the Asian session was jolted into life after the Senate adopted a fiscal 2018 budget resolution. The approval will unlock a special procedure allowing Republicans to pass a subsequent tax rewrite without Democratic support. The news caused Treasuries to slump as a 'Risk on' attitude was adopted. TYZ7's fell around 12 ticks on very heavy volume with over 175k lots exchanging hands. JGB's & Aussie Bonds also fell as the Dollar and equity products traded higher. Eminis are currently 6 points higher and $/Yen +64 pips as the growth trade gathered momentum. Elsewhere Oil is a touch firmer and Gold has give back most of Thursday's gains to sit $5.00 lower on the day.
Key Headlines:
-New Zealand Sept. Credit Card Spending Rises 0.7% M/m vs -0.7% prvs
-US Senate backs GOP budget in step forward for tax revamp
-Trump Advisers Are Said to Lean Toward Taylor or Powell for Fed
-PBOC sets USD/CNY central rate at 6.6092(vs. yesterday at 6.6093)
-China's central bank governor Zhou Xiaochuan has warned of asset bubbles and debt risk in the corporate and household sectors in the world's No. 2 economy.
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