Market News

The US Dollar is recovering after being hit in the overnight hours on concerns that the US President will focus primarily on protectionism and not economic growth.

The Senate Foreign Relations Committee narrowly voted by 11 votes to 10 to confirm President Trump’s Nominee for Secretary of State, Rex Tillerson.

The US Dollar Index struck a 1½ month trough following Donald Trump’s inaugural speech on Friday which appeared more protectionist than was expected.

The dollar fell on Monday following Donald Trump’s inauguration speech which hinted towards protectionism, and his follow-up speech on Sunday which raised questions about America’s long-standing trade agreements, including Trump’s desire to renegotiate the North American Free Trade Agreement (NAFTA) and to withdraw from the Trans-Pacific Partnership (TPP), a 12-nation trade pact.

There will be a lighter news schedule this week, compared to last week which was reasonably full.

The US Dollar had held steady earlier in Friday trading in Asia but is now struggling for traction as investors ready themselves for the inauguration of Donald Trump as the 45th President of the United States.

The US Dollar Index, used by FX traders to gauge the relative strength of the greenback against a weighted basket of major rivals, edged up in early European trade, helped along by Janet Yellen.

The U.S. dollar recovered some of its recent losses during Thursday’s Asian session as fallout from Federal Reserve Chair Janet Yellen’s speech sent the dollar index 0.3 percent higher to 101.22 .DXY.

The US Dollar recovered in Wednesday trading, halting the five days of declines as investors await a speech by the Federal Reserve chief, Janet Yellen.

The yen continued maintain its title as a safe haven currency since the start of the New Year on Wednesday, even as the dollar recovered slightly from its seven-week low against the yen as investors eagerly await Federal Reserve Chair Janet Yellen’s monetary policy announcements later today.

President-elect Donald Trump complained about the Dollar’s appreciation which helped to halt any potential gains.

Speaking from Caracas on Monday, OPEC Secretary-General Mohammed Barkindo predicted that oil prices would stabilize in 2017.

The US Dollar edged lower versus the Japanese Yen and hit a 6-week trough as investors’ wariness over the policy plans of the incoming Trump administration grows ahead of his inauguration.

The British pound fell to three-month lows during Monday’s Asian session in advance of Prime Minister Theresa May’s speech on Tuesday which she will likely use to present plans for a “hard Brexit”, which will include reclaiming control of the country’s borders.

There will be a considerably heavier news schedule this week, compared to last week which was very light.