FOREX - Dollar under pressure on 1st trading day after Trump's inauguration

The dollar has fallen more than 1% across board to an intra-day low of 112.81 as at the time of writing, on the first trading day after Trump's inauguration.

Many investors consider President Trump's inauguration speech as protectionism. Trumps has been drumming up "Buy American, hire American" since his election campaign. Investors still needs clarifications about the direction of Trump's economic policy.

UK Supreme Court Judgement

The Sterling rose to a 5-week high against the dollar at 1.2494 during New York Session, ahead of the UK Supreme Court Judgement that would be given tomorrow, Tuesday. The Supreme Court would give judgement on whether Prime Minister, Theresa May would get approval from the Parliament before triggering Article 50 at the end of March. If the judgement goes against Theresa May, Sterling is expected to rise.


Tuesday 24th January
Key Events (GMT + 1)

• 12.30am EUR ECB President Draghi speaks
• 1.30am JPY Flash Manufacturing PMI; estimate 52.3
• 9.00am EUR French Flash Munufacturing PMI; estimate 53.4
• 9.00am EUR French Flash Services PMI; estimate 53.2
• 9.30am EUR German Flash Manufacturing PMI; estimate 55.5
• 9.30am EUR German Flash services PMI; estimate 54.6
• 10.00am EUR Flash Manufacturing PMI; estimate 54.8
• 10.00am EUR Flash Services PMI; estimate 53.9
• 10.30am GBP EU Membership Court Ruling 
• 10.30am GBP Public Sector Net Borrowing; estimate 6.7B
• 3.45pm USD Flash Manufacturing PMI; estimate 54.6
• 4.00pm USD Existing Home Sales; estimate 5.54M
• 4.00pm USD Richmond Manufacturing Index; estimate 7
• 4.39pm AUD CB leading Index m/m