The United States Dollar is trading in very muted ranges this morning as many major markets around the world close for the Easter holiday. Though US equities are closed today, the US FX market is open.
Overview
Yesterday’s session, as has now become par for the course, brought with it Dollar weakness through the back half against most major markets and the Bloomberg Dollar Spot Index is once again on track for a weekly loss of about a percent.
President Donald Trump was once again at the forefront of the news cycle yesterday, this time reacting to Fed Chair Jerome Powell’s speech at the Economic Club of Chicago on Wednesday. Chair Powell discussed in depth the potential for Trump’s tariff policies on both inflation and employment, the two sides of the Federal Reserve’s dual mandate, and emphasized that tariffs could have a larger-than-anticipated impact on both sides of the equation. Trump, who has already expressed substantial displeasure with the Fed’s unwillingness to immediately cut interest rates at the beginning of his presidential term, posted on social media that “Powell’s termination cannot come fast enough!” Trump also noted that the European Central Bank has been cutting interest rates, which the Fed’s overseas counterpart did again yesterday morning. Though a Fed spokesperson declined to comment on Trump’s remarks, fear has been re-injected into markets in a big way given Trump’s most recent threat to the US central bank’s independence.
Though nearly every G10 FX market is closed today, Monex USA is open with normal working hours through the Easter holiday.
What to Watch This Week…
- EUR, GBP, CHF, AUD, NZD markets closed today and Monday
- CAD & MXN markets closed today
- Monex USA Online is always open
