Currency comment 3/30

Steve CaldwellGeneral Commentary

The dollar continued to rally Thursday. This was the third day of rally in the dollar after the heavy selling seen on Monday. The Euro currency was down heavily. The British pound was up moderately as traders reacted bullishly to the filing of Article 50 by PM May on Wednesday. U.S. equity indices were higher; bonds were lower.

Investors are cautiously bullish as the new administration has come back with new actions this week after failing last week to push through the first big item on their agenda (repeal and replace Obamacare). A big test for the new administration will be next week when we will see if their nominee for Supreme Court justice (Gorsuch) is voted onto the Court.

The next big economic report will be the monthly employment report on Friday April 7th. This report seems to get markets moving more than other economic reports from the U.S. government.