Bullet Report: Dollar Falls after Trump’s Friday Speech
January 23, 2017 9:06 amVideo
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The week ahead will be filled with political events and a vast amount of economic data. From Eurozone we have German IFO, many PMI’s as well as the GDP from the US and the UK. Speeches from the UK, FED and the EU will also take center stage. On top of that, the world will be waiting to see the first policies of Donald Trump put into action. On Friday, the markets did not reach positively to his inauguration as he failed to give any specific examples of how he intends to make America great again.
Currencies: The Dollar index is trading at monthly lows as the USD was sold off following Trump’s Inauguration speech. The lack of any specific examples in combination with too much Dollar strength in 2016 have caused some investors to unload positions they held. In case the FED does not move forward with 3 rate hikes in 2017, it is very likely that a significant USD correction could take place in 2017. For now, USDJPY edged lower hitting 113.15 lows. USDJPY peaked at 116.62 last week. GBPUSD is also trading at its highest since 19th of December, reaching highs of 1.2470 so far today. The EUR/USD moved higher during Mr. Trump’s inauguration speech. It ended Friday’s trading session with 0.4% gains to 1.0706 while this morning it rose further, to 1.0753.
Stocks: Following the week’s low of 2,252.76, the S&P 500 moved to erase those losses and managed to close Friday’s trading session with 0.1% gains. European equity markets were not as optimistic as the DAX opened today 0.3% lower. Overall Wall Street reacted modestly to Trumps Friday speech. The mod in Asia today though was sour as Nikkei slid 0.4%.
Oil and Gold: Oil prices were left unchanged from Friday, although slightly higher this morning on comments from OPEC that said that it was near its target of cutting 1.8 million barrels of crude oil a day, 2 months after committing to the deal. Gold on the other hand posted new 2 month highs at $1219 on the back of the weaker Dollar. This week’s risky economic and political events could favor gold further. Significant resistance lies at $1241
The post Bullet Report: Dollar Falls after Trump’s Friday Speech appeared first on Forex.Info.
Source: Easy Forex Forex.Info
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