No sooner had I posted a chart of Nordstrom equity soaring following Donald Trump’s Twitter attack on the company (which had the audacity to dump Ivanka’s merchandise due to poor performance), than tweet risk reasserted itself in a “bigly” way.
Here’s what hit the terminal:
- “We are going to be announcing something over the next two or three weeks that will be phenomenal in terms of tax,” President Trump says in meeting with airline CEOs.
- USD/JPY rises to fresh high 113.03 as dollar surges along with Treasury yields after President Trump comments that he expects to announce something “phenomenal” on taxes in next 2-3 weeks; Bloomberg dollar index reverses slight losses to trade up ~0.2%.
- USD/JPY tripped offers and stops ~112.50 after extending gains from near weekly lows of 111.60; likely trapped USD bears wrong-footed
- Further offers absorbed at 113.00 and offers also seen at 113.45, near resistance at the Feb. 3 high
And yes, he went there…
- “You’ve got a lot of competition”; “a lot of that competition is subsidized by governments, big league“