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Trump's Protectionist Rhetoric forces USD lower

Monday 23rd January

Australian Dollar:

The Australian dollar edged higher through trade on Friday clawing back through 0.7550 as investors dissected President Trump’s inauguration speech. Trump’s 16 minute address failed to proffer a clear policy outline, instead the incumbent President opted to paint broader strokes, spruiking his America first policy but failing to delve into specifics. Trump’s focus on Protectionism concerned investors, as protectionism means a move away from trade agreements which are generally USD negative and this concern prompter renewed  nervousness and another bout of USD selling allowing the AUD to hold onto gains above 0.75 and touch intraday highs at 0.7563. Attentions now turn to Tuesday domestic CPI inflation data for direction through the week ahead.  

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Today's expected range

0.7500 - 0.7600
0.7080 – 0.7180
1.6250 – 1.6450

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Last Week Market Recap

Monday 16th January 2016

Gained sharply last week as disappointment from U.S. president elect Donald Trump’s first press conference since the election weighed heavily on the Greenback, with very little economic data out of Australia. The rate began the week rallying off of its weekly low of 0.7287 after Australian Build Approvals increased by +7.0% m/m versus an expectation of a +4.6% increase. The pair then gained a fraction on Tuesday despite Australian Retail Sales increasing by +0.2% versus +0.4% that was expected. On Wednesday, the rate extended its gains after U.S. president-elect Donald J. Trump failed to give indications of his policies at his first post-election press conference. The pair then made its weekly high of 0.7518 despite a better than anticipated U.S. Initial Jobless Claims number. The rate gained another fraction on Friday after the United States reported mixed Retail Sales and PPI data. AUD/USD closed at 0.7502, with a gain of 2.9% from its previous weekly close.  

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