U.S. equity markets posted their biggest one-day loss since August 2017 with the Dow dropping 362 points and the S&P 500 losing 31.10, both over the 1% mark. The fall came just hours before the President gave his State of the Union speech on Capitol Hill and hailed the strength of the U.S. economy, the strength of the stock market and the continued trend of job creation.

For months, we have obsessed over the strength of equity markets and the continuous daily record highs. However, now the other side of the story is starting to gain traction, the decline of the U.S. dollar. It’s becoming just as much a hallmark of the Trump presidency as the equity market rally.

Donald Trump may or may not have the biggest nuclear button in the world, but his country does currently have one of the strongest equity indices. It’s the same old story for stock markets this afternoon as the Dow Jones has pushed to yet more record highs, this time breaking through the 25,000 level as another strong surge in oil prices, added to a strong ADP payroll print has pushed global equity markets higher.