Market tumbled as Trump Jawboning? Here are his Comments from yesterday

April 13, 2017

Donald Trump commenting on the Economy and Market is mixed.

Market tumbled as Trump Jawboning? Here are his Comments from yesterday

This article is originally referred from FXPrimus News

Today’s Important Indicators:

Today we have important news coming from Canada, namely Manufacturing Sales, while the US will be posting the weekly unemployment claims.

Today’s Forecast for Important Trading Indicators

Time in GMT Country Indicator Expected Previous
 13:30 CA Manufacturing Sales m/m -0.4% 0.6%
 13:30 US PPI m/m 0 0.3%
 15:00 US Prelim UoM Consumer Sentiment 97.1 96.9
 15:30 CAD BoC Gov Poloz Speaks 6.7% 6.6%

Todays’s Market Movers

  • Yesterday the USD tumbled across the board on the back of trump jawboning. It looks like the market is seeing a different Trump effect than the one it saw after his election. Trump delivered some bearish comments on the USD and the dovish talk about the USD interest rate affected all currencies against the USD, leading to broad losses in USD.
  • The USDJPY moved to new lows on the headlines and was trading yesterday below the 50% support held earlier at 109.36, continuing to fall towards the 108.75 this morning.
  • Trades found a safe haven in Gold causing Gold to jump to above 1280 USD per ounce. What added to the dollar weakness is Trump’s comments on him liking low interest rate policy.
    He seems still undecided on Yellen too.
    I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me. But that’s hurting-that will hurt ultimately,” he said.
    Look, there’s some very good things about a strong dollar, but usually speaking the best thing about it is that it sounds good.
  • He continued, “It’s very, very hard to compete when you have a strong dollar and other countries are devaluing their currency.

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