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The US Dollar has trimmed its rise against a basket of its peers since President Donald Trump began his speech to Congress, which has so far focused heavily on border protections and more constrained immigration policies.

The dollar index had risen to 101.5 in the run up to Mr Trump’s speech but has since fallen back to 101.27.

Mr Trump’s speech focused on immigration restrictions early on, also hinting at higher import taxes. There were strong protectionist overtones, focused on “making it easier for companies to do business in the US and much harder for companies to leave our country.”

S&P 500 e-mini futures rose before Mr Trump began speaking and have eased off slightly to 2,369. Benchmark 10-year US Treasury yields have fallen from their highs leading up to the speech, now at 2.4 per cent.

Copyright The Financial Times Limited 2017. All rights reserved.
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