The U.S. Dollar Index was lifted higher on Friday as President Trump delivered his speech at the Conservative Political Action Conference, held in Maryland.
Speaking in illegal immigration, President Trump said his policies are aimed at stemming the flow of drugs and criminals into the country, “We'll stop the drugs from pouring into our nation and poisoning our youth., he said.
The president also praised the work of men and women of law enforcement, ICE agents and immigration officials:
“We're getting the bad ones out: gang members, criminal aliens and throwing them the hell out of our country.”To bolster his anti-illegal immigration case, Trump lamented about the recent riots in Sweden and the multiple terrorist attacks in Germany and France, "Take a look at what is happening in Europe.," said the president.
On the economy, the president focused on pitching his tax reform initiative which promises to simplify the tax code, while slashing tax rates for corporations and individuals.
During his speech, the president blasted NAFTA, calling it “one of the worst trade deals ever made,” while also praising Bernie Sanders’ criticism of the many bad trade deals the United States has made over the years.
As for regulations, President Trump explained during his speech that “75% of the repetitive regulations” need to be removed, to make the regulatory structure more efficient and lean.
Trump’s CPAC address also laid emphasis on building up the military. He also said that a plan to “obliterate ISIS” is currently in the works:
"It will be one of the biggest military buildups in history. We believe in peace through strength."U.S. financial markets responded favorably to the president’s speech. The S&P 500 recovered all opening loses and rallied 13.9 points (0.59%) towards the end of Friday’s trading session, closing with a 0.15% gain for the day:
After hitting a 4-day low of 100.66 at 8:30 a.m EST, the U.S Dollar Index (DXY) rallied 0.43% between 8:30 a.m. and 10:00 a.m.
As Trump took the podium at CPAC and gave his 2-hour speech, the DXY remained volatile, jumping between 100.90 and 101.09. Following the end of Trump’s speech at 12:15 p.m., the DXY rallied again to a high of 101.16 on the day.
The U.S. dollar closed on Friday with a gain of 0.27%:
Wall St. Bull photo by Sam Valadi
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