Despite further large swings in bond markets this week, moves in currency markets have for the most part remained relatively muted ahead of Donald Trump’s inauguration next week. The dollar is broadly flat on the week as a whole, even after a relatively soft US December CPI report pushed US interest rate expectations lower and brought relief to bond and equity markets. Next week may bring more volatility: expectations that Trump will get his second term off to a quick start appear to be running high. Whether he delivers or disappoints, markets are likely to react.
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