Donald Trump has never been one to shy away from controversy but the latest lurid claims are well beyond the extreme. That it is an ex-MI6 officer only adds to the media interest and paints a story that would not be unrealistic in a John Le Carre or Frederick Forsyth novel. With Trump’s inauguration one week away some have questioned whether the Trump rally which has seen global markets surge in recent weeks could be under threat.
It is very frustrating that one of Trump’s first press conferences where he was due to outline further details on his economic plans descended into something more akin to his Apprentice program as he was forced to defend seedy allegations rather than focus on his plans to ‘Make America Great Again!’.
The US Dollar will overall remain driven by expectations on interest rates in 2017. Yesterday a voting member of the Federal Reserve Patrick Harker confirmed he will be looking to 3 interest rates hikes in 2017. Economic data continues to be positive with various Unemployment statistics at low levels not seen since before the financial crisis. Further Interest rate hikes will only serve to strengthen the US Dollar as it makes it a more attractive currency to hold by investors.
US Retail Sales figures are due today at 13.30 and today is also the all-important Baker Hughes Oil Rig Count. Next week we have Inflation data with Trumps Inauguration on the Friday. Janet Yellen, President of the Federal Reserve will interestingly also give a speech on this day. It could be a very volatile day for the US Dollar.
The initial confidence on markets stemming from Donald trump’s appointment has arguably started to fade but if there is one thing we have learnt (or should have), it is that Donald Trump has plenty of ‘bouncebackability’. Underestimated greatly to his rivals cost this is Trumps ‘trump’ card. Alongside a Fed ready to raise interest rates and an economy roaring ahead I would expect the US Dollar will remain very strong particularly against the troubled Pound. Underestimating the extent of this strength in 2017 could be as dangerous as those who underestimated Trump in recent months and years.
If you have any questions about how a Trump Presidency could impact your US Dollar buying or selling requirement, our team of experts are available today on 01494 725 353. Alternatively, you can email me directly at firstname.lastname@example.org.
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