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Feb 03 2017

Disappointing Fed Data, US Dollar Slips

There was uncertainty in the markets on Thursday with the chances of the Fed raising US interest rates slipping to a 15 percent chance, which saw the dollar slip. Even though the Federal Reserve issued an upbeat statement on the economy.

The dollar fell 0.8 percent against the yen to 112.27, while the euro gained at $1.0819. Since the Fed raised interest rates in December the dollar index (DXY) has been on a steady decline. Investors are now eyeing the US earnings report which includes Facebook and Merck together with the US jobs data that is due to be released on Friday.

The Dow Jones Industrial Average slipped 6.03 points to 19,884.91 and the Nasdaq composite fell 6.45 points or 0.1 percent to 5,636.20. The recovery in exports for the fourth quarter in Australia, saw the Australian dollar in Asia gaining.

Uncertainty in Markets with Trump Administration

According to some analysts the fears of what the Trump administration is or isn’t going to do is the overriding factor. Until it becomes clear the dollar is going to continue to affect the markets. This week investors stepped back after the post election rally which saw stocks at all time highs with the Dow at 20,000 mark. The actions of President Trump on his immigration ban together with his comments on trade has raised concern amongst investors. Instead of helping the economy, it is spreading some uncertainty in US business confidence.

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