The US Dollar index slipped to below 101 levels yesterday and is currently trading at 100.64. The Dollar looks as if its taken a pause ahead of Janet Yellen’s monetary policy speech expected later today. The public will be screening the speech for clues on the possible future direction of policy.
The US Dollar index, an index gauguing the strength of the Dollar against a basket of other currencies, has remained within the 101 region. Unable so far to resume higher levels as we move closer to the presedential inauguration ceremony next Friday and as Trump’s protectionist policies continue to make news.
The pound opened lower against the USD and the euro this morning at week’s start. GBPUSD opened at 3 month lows as it opened at 1.20 and the EURGBP was at 2-month highs as it opened at 0.8836. The situation looks volatile as the Pound has since opening managed to bounce back as it recovered some strength up to the time of writing, and is likely to fill in the gap seen early into today’s session.
President-elect Trump delivered his first press conference yesterday, in a way it proved to be colourful in his approach to a CNN reporter, but when it came to market direction – there was little given out in terms of tax cuts or spending strategies.
The dollar crept higher against a basket of its major rivals on Wednesday ahead of a news conference by U.S. President-elect Donald Trump in which he is expected to lay out in more detail his plans for the economy.