The U.S. Dollar is trading weaker ranges today after a major rally yesterday that saw it reach a fresh new high in value not witnessed since mid-2022
Overview
As currencies recover over the Buck, markets remain relatively quiet as the year gets started. China’s exchanges are having their worst start since 2016 as some investors worry about the potential for major headwinds if new tariffs are aggressively pursued against new technologies and other items. The thought of a “trade war” is concerning, but looking back at tariffs added during the first Trump administration, they remained through Biden’s term and flow between the U.S. and China was not terribly disturbed.
In one of his last decisions, President Joe Biden chose to block the purchase of U.S. Steel by Japanese firm Nippon Steel declaring, “U.S. Steel will remain a proud American company – one that’s American-owned, American-operated, by American union steelworkers – the best in the world.” Meanwhile, oil prices started to steady after a four-day streak of gains while Gold is having its best weekly performance since November. We see the Buck sticking to these tight ranges for the day unless there is surprise in the headlines.
What to Watch This Week…
- Monex USA Online is always open
