The
resignation appears to have played a role in weakening risk appetite towards
the stock markets. High-yielding currencies, like the South African Rand,
suffered against the USD during trading on Wednesday. Other emerging market currencies, like the
Russian Ruble and Turkish Lira, have also declined against the Dollar.
Gary
Cohn was previously viewed as a leading candidate to replace past Federal
Reserve Chair Janet Yellen, therefore his resignation has not been something
that investors are prepared to overlook. Cohn was also seen as an advocate for
global trade, therefore there is speculation that President Trump’s trade war
rhetoric, is being considered as a catalyst behind his sudden resignation.
We
think that investors will be inclined to take the news of Cohn’s resignation as
another reason to sell the Dollar. It
shouldn’t have a long-lasting impact on the stock markets and risk appetite,
unless Trump does step up the trade war narrative.
The
broad weakness in the Dollar during trading so far on Wednesday has been behind
the Euro trading at its highest level in nearly three weeks, while the Japanese
Yen appears to be close to achieving a new milestone high, after reaching its
strongest level against the USD since November 2016 late last week. The Swiss
Franc also gained against the Dollar.
Gold
appears to be at risk for profit-taking after originally trending higher in the
early hours of trading today. As long as Gold remains above the psychological
$1300 level, we remain bullish on the precious metal over the medium and
longer-term.
The
British Pound is surprisingly one of the currencies that has been unable to capitalize
on Dollar weakness. The Pound is currently trading lower against the Dollar.
This could be linked to the GBPUSD facing what is seen as quite tough
resistance around the 1.40 handle, although Sterling sensitivity to Brexit
developments could also be encouraging pressure on the Pound.
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