US celebrated the inauguration of Trump on MLK holiday and markets were quiet. The US Dollar continued to lose ground as fears over the Trump policies subsided. Rumours of 100 Executive Orders may well play out, but they are said not to include tariffs. This triggered a rally in the EUR, which hit 1.0400, while the GBP managed to jump back to 1.2300.Commodity currencies were beneficiaries of the softer reserve, with the NZD surging to 0.5650, while the AUD reclaimed 0.6250. Markets are confidently awaiting the new Administration.
