Trump’s dearth of specifics on his economic policy hammers the dollar
London — The US dollar nursed losses on Thursday after President-elect Donald Trump’s news briefing provided little clarity on his fiscal policies, disappointing bulls who had bet on major stimulus. That Trump mentioned no tariffs on Chinese imports came as a relief for Asian share markets fearing a global trade war. But lack of detail on economic stimulus favoured safety plays such as bonds and gold back, cooling bets that built had up on US interest rates and significantly higher global inflation. It was enough to send the dollar tumbling below ¥114 for the first time in five weeks, and brought relief to Brexit-bruised sterling and Turkey’s languishing lira. "The risk was always that a president like Trump would end up upsetting that consensus (of faster US growth, stronger dollar) view by introducing more political uncertainty," said asset manager GAM’s head of multiasset portfolios Larry Hatheway. European share prices fell, bucking gains in Asia and Wall Street overnight, weigh...
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