After a high profile fall out between Ford and Donald Trump the world’s biggest car manufacturer earlier this week announced they would no longer be moving production for new models into Mexico. Instead they have decided to increase production at their factory in Michigan creating 700 new jobs and safe guarding 3,500. Ford’s CEO, Mark Fields after the announcement suggested the reason for the decision had been influenced by Donald Trump’s plans to develop a “more favourable US business environment”.
Fields went on to say that this is a “vote of confidence into Trumps plans and he hopes can deliver on them”. It’s no secret that the President Elect is planning to tax imported goods heavily and this decision by Ford is an early indication that his plans before he’s even President are taking effect.
Yesterday evening the Federal Open Market Committee meeting minutes were revealed. After the Fed increased the interest rate by 25 base points for the first time in a year, there is a general confidence that there could be further hikes to come this year.
However, the Fed was keen to point out that they will be watching to see the effect of major economic policy changes. This is admission that they will be waiting to see what Trumps new plans maybe before acting any further.
There will be Markit Service PMI data today along with ISM Non-Manufacturing data. The US Dollar has been on a strong run since the interest rate hike and more good data could continue to strengthen the US Dollar.
Tomorrow there will be Non-Farm Payrolls which tends to cause major volatility. The figure looks at the number of jobs created in the last month excluding the farming industry. The figure is also coupled with the Unemployment Rate which if either release produces any shocks can cause major movements. If you do have a requirement get in touch with your broker so they can discuss the best option with you.
With expectations for the US Dollar to strengthen in 2017, protecting your USD buying position sooner rather than later may save you significantly on a transfer. Call us today on 01494 725 353 or email me - Ben Fletcher at email@example.com if youd like to discuss a transfer.
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