While comments made during Donald Trump's press conference yesterday had some impact on trading, it's what he didn't say that has sent shockwaves through global markets overnight. The press conference focused mainly on sideshow issues like how he is going to distance himself from his businesses and relations with Russia. Comments on drug companies and pricing have sent pharmaceutical and biotech stocks around the world sharply lower. What has rattled the most, however, was that he said nothing specific about fiscal stimulus or economic plans outside of health care, just general comments about job creation. The big rallies in the US Dollar and US stocks were founded on the notion that the Trump Administration would focus on infrastructure spending, deregulation and other fiscal stimulus measures. The moves were so big that Trump had been priced to perfection lately raising the risk of disappointment. Indications that the economy may not be the new government's only priority has rattled traders and reminded everyone that politics isn't perfect. This has sparked a big readjustment of expectations and the start of a long overdue correction in the US Dollar. This has lifted the lid off other currencies sparking major rallies and or breakouts in Gold (up 1.3% and above $1,200), the Yen (USDJPY under $1.1500), EUR, CAD, GBP, AUD (all of which are up over 1.0% today) and other currencies. Currency moves have impacted overseas indices as well. The Nikkei fell 1.1% with JPY rallying. This morning finds the FTSE flat, US index futures down 0.25% and the Dax down 0.4%. Crude oil continues to bounce back from weakness earlier in the week and a successful retest of $50.00 with WTI up 1.1%. Natural Gas is up 2.2% ahead of today's inventory numbers. This can help to attract renewed interest to energy stocks and oil sensitive currencies like CAD, NOK, RUB and MXN. Corporate News There have been no major corporate announcements this morning. Economic News China new Yuan loans 1,040B vs street 676B Italy industrial production 3.2% vs street 2.0% Eurozone industrial production 3.2% vs street 1.6% Upcoming significant economic announcements include: 8:30 am EST Canada house prices street 0.3% 8:30 am EST US jobless claims street 255K 8:30 am EST FOMC Harker, Evans, Lockhart speaking 1:45 pm EST FOMC Kaplan speaking 7:00 pm EST FOMC Yellen town hall CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.