Global macro overview for 12/01/2017:
Donald Trump's first press conference was quite disappointing after the U.S. President-elect failed to make any comments on the new administration's plans for the economic stimulus, trade, and tax. Although speaking on a number of issues, Trump failed to specifically talk about the economy. Nevertheless, he mentioned, that he would make Mexico pay for the border wall and also warned that companies that were thinking of moving jobs out of the US would have to pay a new "border tax." No reassurance regarding the fiscal spending plan was mentioned as well. In conclusion, yesterday's press conference from Mr. Trump was different than his election campaign speeches, which were more pro-growth focused, but the overall impression was rather solid.
Let's now take a look at the US Dollar Index technical picture after Mr. Trump's first speech. The index is still trading above the technical support at the level of 100.53 after yesterday's decline.There is still no evidence of any trend reversal and if the bargain hunters come to this market to buy the dips, we can see new highs pretty soon.
