Gold up $7 to $2708Canada 10-year yields down 2 bps to 3.28%WTI crude oil down $0.99 to $76.89S&P 500 futures up 0.4%NZD leads, USD lags
The big move of Day 1 of Trump's second term was a weakening dollar. The dollar fell 50-100 pips across the board after a report -- later confirmed -- that Trump won't be imposing any tariffs on Day One. Instead, he plans a memo that will study trade relationships with China, Mexico and Canada among others.
The takeaway is positive for global growth and suggests a plan to negotiate before putting on tariffs, not afterwards .At the very least that buys some time and at best signals someone who is never going to put on strong tariffs. Of course, there are going to be many twists and turns on the tariff road but the dollar falling on the first day of his Presidency argues that there are still opportunities internationally and that growth (and global growth) remain priorities.
I would expect to see more of a relief trade in Asia, at least until Trump tweets or leaks his latest ideas.
This article was written by Adam Button at www.forexlive.com. Read More Details
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