Trump set to explain difference between concrete wall and steel barrier

January 9, 2019

Plenty of activity about today, with focus turning to a speech by Donald Trump.

The USD strengthened overnight, sending paired currencies down. The EUR/USD opened at $1.14732 and lifted to a high of $1.14836 early. The pair began to fall after that, until falling to a low of $1.14207 in late trading. It was able to regain some of those losses and is currently trading at $1.14395. The GBP/USD opened the day at $1.27795, with the pair weakening early before climbing to a high of $1.27964. The pound could not hold onto those highs as it began its steady decline, where it hit lows of $1.27050 late in the day. It is not far off those lows, currently trading at $1.27115.

The Dow continues its steady climb this week after opening the session at 23,551.81. The index dipped to an opening-hour low of 23,560.89 before remaining quite steady early. The Dow slowly climbed throughout the back half of the session as it peaked at 23,865.86. It experienced a sharp drop shortly afterwards, but it was able to regain most of those losses. The Dow is currently at 23,767.80. The Dax once again performed strongly after opening at 10,743.43. The German index dipped to an opening-hour low of 10,740.60 before climbing for a large chunk of the day. The Dax hit a high of 10,911.30 before retracing and closing at 10,848.50.

The day ahead shapes up to be a busy one as Donald Trump addresses the people of the US. He will be discussing his border wall proposal and the current government shutdown. Whether he will be divulging any significant details or not remains to be seen. There is a small chance that the President could declare a national emergency, which means he can bypass congress to get funding for his wall, or he could just be taking this opportunity to publicly put pressure on his political opponents.

Data set for release today includes:

Japan – Average Cash Earnings

Australia – Building Approvals

NZ – ANZ Commodity Prices

UK – BoE Governor Mark Carney speaks

Europe – Swiss CPI and Foreign Currency Reserves, Italian Monthly Unemployment Rate, European Unemployment Rate

Canada – Overnight Rate, BoC Rate Statement, Monetary Policy Report and Press Conference, Housing Starts

US – FOMC Meeting Minutes, Crude Oil Inventories, FOMC Members Charles Evans and Eric Rosengren speak


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