The market has been waiting weeks for concrete proposals from the Treasury. Today we got a framework, most of which has been in the market for a week. It begs the question, why the big build up for a speech which raised more questions than it answered?
Stocks are down 3.5% on average, setting off a fresh round of risk aversion. None of this is particularly dollar positive, but in the world we live in, the dollar, JPY and CHF, remain the perceived safe havens.
EUR/USD trades at 1.2985 and USD/JPY at 90.55.