With the dollar sliding on rising fears Trump may disappoint in his address to Congress tomorrow evening, moments ago the dollar spiked, and risk assets rebounded after headlines hit from Reuters and Bloomberg in which Trump previewed what he would say, saying he would have a “big statement” on infrastructure in his Tuesday speech, adding that “we’re going to start spending on infrastructure big.”
However, fading the optimistic tone, Trump also warned that his tax plan would be released only after Obamacare is tackled, and health plan costs are known:
In other words, Trump’s “phenomenal” tax plan, the catalyst for much of the market’s recent move, may not be unveiled for a long time as a result of the previously noted hurdles facing Obamacare’s repeal and replace.
For now, however, algos heard “big” when it comes to Trump’s plans and loved it, and the result was a spike in both the USD…
… and the S&P.
Of note, the biggest rebound is in the infrastructure and construction sectors, rising on renewed hopes of an infrastructure stimulus.
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