President Trump has back tracked on many key issues during his Presidential campaign. The below report discusses the potential impact this could have on the US Dollar.
The foreign policies of the US are fast becoming a key talking point as Trump continues to hit headlines for his policies as US President.
Whilst initially adopting a protectionist policy and for years suggesting the US shouldn’t involve itself in foreign affairs to the extent it has, he recently adopted a different stance due to the ongoing events in Syria.
This has caused tensions between the US and Russia, and just yesterday Russian President, Vladimir Putin said that trust has eroded between the US and Russia since Trumps appointment and that ties between the country are worse since the new US President’s inauguration. This is in stark contrast to just a few months ago, when many political opponents of Trump accused him of having ties to Putin, and I think that further strains on the relationship between the two could result in further sanctions on Russia with some US politicians already calling for them.
I wouldn’t expect this to cause the US Dollar to drop steeply as ironically in times of political uncertainty investors flock to the US Dollar as a safe haven currency, but I think there could be wider ranging issues that could stem from the elections which may impact the US economy. The US Dollar has weakened recently which appears to have coincided with the slowing of the Trump train, and I wouldn’t be surprised to see this trend continue.
The discussions between Trump and Chinese President Jinping appear to be a success so I’m not expecting this topic to impact US Dollar exchange rates in the short term future.
There is a key release later today though as at 1.30pm Initial and Continuing Jobless claims will be announced for the month of March. Initial Jobless claims are expected to climb to 245k so expect any deviations from this figure to impact rates, and feel free to get in touch on 01494 725 353 if you wish to plan a trade around this time.
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