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US Dollar Declines Against Major Currencies During Trump’s First Press Briefing

January 11, 2017 at 18:37 by Simon Mugo

US dollar banknotes and coinsThe US dollar declined significantly against other major currencies as the markets reacted negatively to Donald Trump‘s first press briefing as president. The US dollar lost much of the ground it had gained earlier in the day after Trump announced his short-term plans for the USA given that he assumes office in nine days.

The US dollar started the day trading very strongly against other currencies such as the British pound, the Japanese yen, and the euro. However, these currencies quickly reversed the greenback’s gains once Trump started outlining some of his outlandish plans, which include the building of a wall with Mexico.

The sudden decline of the US dollar was triggered by Trump’s comments regarding his support for Russian President Vladimir Putin. Trump’s positive comments regarding job creation could not save the greenback from its sudden decline.

The greenback had opened trading strongly as the markets were expecting Donald Trump’s speech to have a diplomatic tone as opposed to his arrogant campaign remarks that many had assumed would end after he won the election.

The markets will be looking forward to speeches by Fed speakers scheduled for tomorrow to determine the short-term future of the greenback.

The EUR/USD was trading at 1.0607 as at 18:26 GMT having risen from a low of 1.0472 before Trump begun his presser. The USD/JPY was trading at 114.61 at the time of writing having declined from a high of 116.57 before Trump’s speech. The GBP/USD was trading at 1.2242 having risen from a low of 1.2070 before Trump’s press briefing.

If you have any questions, comments, or opinions regarding the US Dollar, feel free to post them using the commentary form below.

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