183 days since Donald Trump was elected to represent the Republican party and 71 days after seeing the shock victory for the notorious businessman we have arrived. At 5pm - GMT - today Donald Trump will take the Oath of Office, offer his inaugural address in a ceremony watched around the globe to become the 45th President of the US, a tradition that dates back to George Washington. This has the potential to create large volatility within USD pairings as we learn more about the promises of potential heavy infrastructure spending and fiscal stimulus Donald Trump has hinted at since his election. If you have a USD requirement it may be prudent to ensure you have detailed any needs to your experienced personal broker here at Foreign Currency Direct to help you act swiftly on any sudden spikes that may occur in the market.
In an interview with the Wall Street Journal on Monday, Donald Trump stated he believed the “US dollar was too strong”, suggesting the US may be about to end a two-decade policy of publicly favouring a strong currency. Further confirmation of which came at the World Economic Forum summit in Davos, Anthony Scaramucci, a key White House aide to Trump revealed the new incoming US administration wants to reduce the trade deficit by boosting American exports and not by putting restrictions on trade.
Next, we see a flurry of economic data releases for the US Dollar, housing price index are released on Wednesday at 14:00pm, Thursday brings initial and continuing jobless claims at 13:30pm alongside markit services PMI data released at 14:45, on Friday GDP estimates and durable goods ordered are released at 13:30pm.
Trump's plan to weaken the US Dollar may have implications for US Dollar sellers, stay in touch with your broker at regular intervals to stay tuned on this update. If you have not traded with us before and would like to discuss a currency requirement, call us on 01494 725 353 or email me here for assistance.
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