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Tuesday, 21 May 00:28 (GMT -05:00)



Foreign exchange market

Tillerson Gets Fired, Dollar Responds with a Drop


International investors are concerned about Donald Trump’s decision to fire another high-ranking politician from his administration. This time it was Rex Tillerson. He used to serve as the U.S. Secretary of the State, which means he used to be responsible for the United States’ foreign affairs. Later on, Donald trump tweeted that he was going to make Mike Pompeo the next Secretary of the State. For those of you who don’t know, Mike Pompeo used to serve as the Director of the Central Intelligence Agency.
 
At the same time, NordFX experts report that the U.S. Dollar responded to the news with a bearish move. The U.S. stock market showed weakness as well.

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The USD index, which indicates the U.S. Dollar exchange rate against a basket of 6 other majors, dropped down to the 72-hour low shortly after the news. Because of that, S&P 500 started the trading day lower than expected.
 
Some experts believe that more and more high-ranking politicians with moderate views have been ousted from Donald Trump’s administration. This tendency has been raising a lot of concerns regarding the possibility of more radical forces occupying the U.S. political circles.
 
According to the latest report provided by Market Leader, the 10-year Fed bond yield dropped down to 0,03% down to 2,84% the other day. The situation is believed to have also been affected by an inflation slowdown. The MSCI All-Country World index, reflecting the stock market situation in 45 countries of the world, gained over 0.1% shortly after the news about Rex Tillerson. At the same time, European stock markets opened slightly above the close of the previous trading day, even though they dropped a bit alter on the day.
 
It should be noted that the global index managed to regain almost half of the lost value during February’s bearish market. Massive sellouts took place amid strong American payroll figures. International investors start being afraid of stronger inflation and faster monetary toughening by the Federal Reserve.
 
The experts working for the Organisation for Economic Co-operation and Development (OECD) has raised their forecast for the global economic growth in 2018. At the same time, they stated that the Federal Reserve would probably have to implement 4 interest rate hikes this year amid stronger inflation.
 
European stock index STOXX 600 dropped by 0,2% on the trading day. Asian stock index MSCI gained 0.2%. The U.S. Dollar dropped against the common European currency. Brent oil futures lost around 0,5% after dropping from 61,01 to 64,60 dollars per barrel. On the contrary, gold appreciated a bit after the news about Rex Tillerson.

 

 

 

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