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The dollar bull run has been reversing in recent weeks. Concern over the prospect of what a President Trump might do has turned from prospective to being very real, as his series of controversial executive orders have been announced. Trump’s protectionism has pulled the dollar lower, however last week’s Fed did little to change the course of dollar, whilst Friday’s mixed payrolls report has also done little for the recently corrective dollar move which continues to impact across forex and commodities markets. Job’s growth is almost becoming a side thought now as the market is looking for wage growth in the payrolls report. Friday’s wage growth reading was disappointing and the dollar (In the absence of any significant market moving data today) remains under pressure. This is adding up to a safe haven shift with the yen, gold and US Treasuries all being bought with the prospect of the Fed’s pace of tightening perhaps being scaled back a touch.

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December 2018
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