Market’s Reaction Ahead of Trump’s Press Conference
|Traders’ worries continue to drive the market during the second trading week of 2017. Overall it makes an impression that anxiety came back strongly into markets after the new year beginning, following the initial burst of optimism caused from Trump’s surprise election victory. The uncertainty among the market participants expressing their concern largely via the currency market.
* The British pound has been set under strong sell-offsagainstthe other most traded currencies on the back of “hard-Brexit” implications.
* The Turkish lira extended its retreats against the U.S. dollar and keeps losing positions hitting record lows based on speculation that the nation’s central bank won’t raise interest rates.
* Gold is rising due to speculation and anxiety in the market pushing investors to prefer the safe investment in the bullion from a side and due to forthcoming New Year in China.
* Crude oil (WTI) is slightly increasing on the back of signs that OPEC member countries will keep planned output cuts.
* U.S. equities have closed last trading day mixed as the market is in expectation of the U.S. President-elect Donald Trump's first post-election press conference. DJIA is traded sideways, slightly below the psychology level at 20,000.
Overall, the market is entering quiet trading as Trump’s speech is awaited. The pressconference is scheduled today at 11:00 ET (Eastern Time / 16:00 GMT) and it is widely expected Trump to reveal much more details regarding the taxation and financing policy. The significance of the conference is rising as it will be live and with Q&A section, with not scripted replies. Every answer of president Trump will be closely monitored by traders and investors and will potentially have a direct impact on the market.
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