USD/JPY likes what it's hearing so far

Mnunchin delivered the sneak preview of what Trump will hope to be his signature piece of legislation as an overhaul of the US tax code.

He will reportedly release it at 1:30 pm ET.

On Friday when Trump first dropped that the tax plan was imminent, markets got excited but very quickly people in his administration dampened the enthusiasm. They've warned these are more the broad strokes or principles of what Trump wants to accomplish.

Some has already leaked out, like the 15% corporate tax rate. Trump has also said the personal tax cut will be the largest ever and that he's prioritized the cut over growth.

At this point, no on is really expecting 'details' or a 'plan'. But what does the market really need?

"We're coming out with the principles today that are the plan," Mnuchin said.

If the idea is to simplify the code then the main thing is the rates. But secondarily, there needs to be some kind of idea of how you pay for it. Thirdly, Paul Ryan has evidently seen it and said he agrees with 80% of it but that other 20% is big. The Senate will chew into it as well.

In terms of the market reaction, USD/JPY likes what it's hearing but you have to wonder if all the good news is already out there. Sure, the headlines will be substantial but it won't take long for some skepticism.

But if there is one thing the stock market likes it's lower taxes, so that's what is probably going to be driving the bus.