The U.S. dollar remained on the defensive early Thursday, after yesterday’s declines led by increased uncertainty over another U.S. rate hike in 2017 and President Donald Trump’s fiscal agenda after abolishing the Manufacturing Council and Strategy & Policy Forum.
There is nothing like the thought of your friendly neighborhood unstable dictator happily cheering along his newly confirmed intercontinental ballistic missiles (ICBMs) and miniaturized nuclear weapons to give the markets pause. And of course, we say ‘neighborhood’ in the sense that media genius Marshall McLuhan noted back in the 1960’s that the new high-speed video communications had turned the entire planet into a ‘global village’.
On June 1, the day that President Donald Trump withdrew the United States from the Paris Agreement, everyone from CNN panelists to the local bartender self-appointed themselves as experts on environmental economics and international climate policy.
Financial markets are set to open on a more downbeat note on Friday, with earnings from Amazon on Thursday being blamed for the initial underperformance along with the U.S. Senate’s inability to pass the “skinny repeal” of Obamacare.