NZD/USD May Continue Lower as Biden’s Capital Gains Tax Plan Hammers Sentiment

Asia-Pacific markets performed well overall on Thursday, but the same fortune may not extend into the close of the week after a downbeat session on Wall Street. Bloomberg reported that President Joe Biden is set to nearly double the capital gains tax rate to 39.6% for Americans earning over $1 million. Major US indexes fell, with tech stocks leading the way lower. The Nasdaq 100 index dropped 1.24%. Elsewhere, the safe-haven US Dollar caught a bid, with the DXY index seeing a modest rise. In line with the overall theme of risk aversion, Treasuries caught a bid across the curve. The 10-year yield fell over 1%, while … (full story)

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