Monday, 23 January 2017

Dollar slips after Trump`s protectionist address, Asia shares resilient

The dollar slipped broadly on Monday after U.S. President Donald Trump struck a protectionist tone in his inauguration speech, offsetting optimism that he will follow through on promises of tax cuts and other stimulus. Japan's Nikkei dropped 1.1 percent while shares in Australia dropped 0.7 percent after the Trump administration, on its first day in office, declared its intention to withdraw from the Trans-Pacific Partnership (TPP), a 12-nation trade pact that Japan and Australia also have signed up for. 

Other Asian shares were resilient, however, in part due to a relief that there was no negative surprises, with Trump refraining from labelling China as a currency manipulator for now, an accusation he made while campaigning.

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