All eyes today will focus on Trump’s new conference. In a week with soft macroeconomic data, Trump will give the direction for markets. It will be valuable to remind that during the night of U.S election when it became known that Trump will be the next president of U.S, markets collapsed over uncertainty, however the large sell off had a very short duration as the speech that followed few hours later had a strong unitary character and drove markets into a n aggressive reversal.
We think that Trump today will have another speech that will promote U.S unity and will try reduce the division however Market today would like to hear the new president of U.S to give some more details about the way that will govern and many issues that markets consider important (e.g tax reforms, infrastructure plans, protectionism etc).
While USD slips, Nasdaq hits new highs and Dow struggling once more time to touch 20K, it is very likely to see similar market reaction with the day of election after Trump’s speech.
Recently forex markets give some very steady and good movements. Unquestionably currencies give more opportunities than normally give and this is a good start for 2017.
Daily Key points:
• Turkish Lira hits another record low
• French Macron: Euro may not exist in 10 years
• Gold at 6-week highs ahead of Trump new conference
• Turkish current account deficit swells
• Corbyn outlines 20:1 wage cap on government contractors
• US small business optimism jumps most since 1980
• FTSE 100 best run in 33 years
Daily Economic calendar:
|UK||Manufacturing Production m/m||Medium||-0.9||0.6||GBP||9:30|
|UK||BOE Gov Carney Speaks||Medium||n/a||n/a||GBP||13:15|
|OIL||Crude Oil Inventories||Medium||-7.1M||0.9M||OIL||15:30|
|USA||President-Elect Trump Speaks||MUST||n/a||n/a||All Indices||16:00|
|USA||FOMC Member Dudley Speaks||Medium||n/a||n/a||USD||18:20|