It was just one year ago when the biggest worry for the market - which culminated with a near 10% S&P correction in in early 2016 - was the daily plunge in the Yuan driven by the surging dollar, which in turn prompted China to engage in an unprecedented reserve liquidation (in which it sold both government bonds and equities), leading to a daily selloff in risky assets on days when the Yuan was fixed lower.
Moments after Donald Trump offered the Attorney General spot to senator Jeff Sessions (which he promptly accepted), it was announced that Trump had also picked rep. Mike Pompeo as CIA director, who likewise accepted.
Trump has offered position of CIA director to US Rep Mike Pompeo and Pompeo has accepted -transition official
— Steve Holland (@steveholland1) November 18, 2016
Gold Sell Off On Fed Noise - "Interesting Times" To "Support Gold"
Gold prices in dollar terms came under renewed pressure today testing strong support at the $1,200/oz level. Gold dropped another 1% to near a 6 month low and is set for a second week of falls after the dollar soared again after Federal Reserve Chairwoman Janet Yellen suggested a U.S. interest-rate hike could come “relatively soon.”
Update 2: U.S. SENATOR JEFF SESSIONS HAS ACCEPTED TRUMP'S OFFER TO SERVE AS U.S. ATTORNEY GENERAL -TRANSITION OFFICIAL
Some background on the Sessions appointment, courtesy of Bloomberg, which elevates one of Trump’s earliest congressional backers, and one of the most conservative senators, to serve as the nation’s top law enforcement official.
Following Trump's first official meeting with a foreign leader on Thursday night (one which took place in Trump's apartment at the Trump Tower), Japanese Prime Minister Shinzo Abe said Trump was a trustworthy leader in comments after his first meeting with the U.S. President-elect, whose statements on trade and security have sparked concern in Japan. Abe told reporters that he had frank discussions in a “warm atmosphere” at Trump Tower, and said he explained his views on a range of issues, but declined to comment on the substance of the talks in a meeting that lasted more than an hour.