- US Dollar drops following Trump's press conference
- European Central Bank’s (ECB) monetary policy meeting accounts this afternoon
The US Dollar index fell a little over 1.5 percent from the Wednesday highs yesterday following President elect Donald Trump’s first press conference since July. While many topics were covered, the particulars for the economy and trade which concern traders and investors were fewer than many had hoped and lacking in sufficient detail to satisfy investors. Mr Trump did not elaborate on his pro-growth policies and instead took aim at pharmaceutical companies and the intelligence agencies in what looked like an exercise in point scoring.
During the press conference Mr Trump finally admitted that Russia may have hacked US institutions although he fell short of condemning Vladimir Putin, he also admonished domestic reporters and even individual US companies. He also said that trade deals had been a disaster and pledged to repeal and replace Obamacare within a year. He has committed to building a beautiful border wall between the Us and Mexico and insisted that the US will be reimbursed. As there was so little actual detail to match his rhetoric the US Dollar fell almost 2% during the press conference.
Yesterday, the Governor of the Bank of England (BoE) stated that Brexit is no longer the biggest threat to the UK economy. During his testimony in front of the Treasury Select Committee yesterday, he commented that the European Union faces a greater financial stability danger than Britain if the country leaves the bloc abruptly. He also suggested that the BoE may be about to upgrade growth forecasts for the UK as recent data has suggested that the bank had been a little too pessimistic with its projections. The Pound has taken some relief and is just off its lowest levels versus the US Dollar.
Today and this week have been quiet for data releases, one to note this afternoon, though, will be the release of the previous European Central Bank’s account of the monetary policy meeting.
Teacher: What is the value of Pi?
Student: Depending on what pie. Usually £2.99.
I just read a book about Helium. It was so good that I can’t put it down…
What happens to a frog’s car when it breaks down? It gets toad away.
Today's Major Economic Releases
||EU: Industrial Production month-on-month
||EU: Monetary Policy Meeting Accounts
||Canada: New Housing Price Index
||US: Unemployment Claims
||US: Import Prices month-on-month
||US: Federal Budget Balance
Daily Currency Analysis by Ricky Nelson
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