The dollar is down as markets are bracing for Trump’s inauguration later in the day. The early signals is that there won’t be anything too significant on the tariffs front and that is putting the dollar off slightly. Trump and Xi also had positive talks over the weekend with the former tweeting this:

“I just spoke to Chairman Xi Jinping of China. The call was a very good one for both China and the U.S.A. It is my expectation that we will solve many problems together, and starting immediately. We discussed balancing Trade, Fentanyl, TikTok, and many other subjects. President Xi and I will do everything possible to make the World more peaceful and safe!”

A TikTok rescue and less harsh tariffs on the cards? Well, broader markets will certainly like the sound of that.

Trump is expected to sign of on over a hundred executive orders later after his inauguration. So, that’s the main thing on the agenda for today.

As for European trading, it will be a quiet one with little meaningful data releases.

0700 GMT – Germany December PPI figures
0730 GMT – Switzerland December producer and import prices
0900 GMT – SNB total sight deposits w.e. 17 January

That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.