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The dollar is mixed against majors after the inauguration of President Trump. The markets did not get enough information on Friday to support the dollar as the tangible pro-growth agenda items were missing from the event. Trump’s speech was delivered in his combative style and he made a pledge to put America first. The protectionist message did not resonate with markets as the dollar and stocks fell.
Safe haven assets rose with gold above $1,200 as Trump addressed the American people for the first time as their President. The battered Mexican peso got room to breathe and appreciated more than 1.5 percent versus the dollar as NAFTA’s fate continues to be uncertain. The focus on Trump’s policies moves to next week where his executive orders will give insight on how strong his first 100 days will really be like.
The week of January 23 to 27 will have little in the way of scheduled economic events with the United Kingdom’s Supreme Court ruling on EU membership on Tuesday, January 24 at 4:30 am and the first estimate of GDP numbers for the United States on Friday, January 27 at 8:30 am the main highlights. The U.S. dollar will continue to lose traction until there is more clarity on how Trump’s policies will make his campaign promises a reality.