US dollar index -0.57% on the day, Trump slaps down the greenback

Currently, US dollar index is trading at 100.16, down -0.58% on the day, having posted a daily high at 100.77 and low at 100.10.

If Trump's inauguration speech bored investors to death, his first week at the office is scaring them away. As expected, market volatility seems to pick up quickly in January. In the upcoming days and weeks, the U.S. economy tastes the flavor of their vote. The greenback has been pushed couple points shy of the 100 round figure, and unless the next tweet has 140-characters full of tax cuts and infrastructure spending, the long-dollar is set to reverse and sink. 

Tump's Agenda on track

Reuters reports, "U.S. Treasury yields dipped, and gold rallied as demand for safe-haven assets was boosted by Trump's stance on trade. On Monday, Trump told U.S. manufacturing executives he would impose a hefty border tax on firms that import products into the United States after moving American factories overseas."

The report continues, "He also formally withdrew the United States from the Trans-Pacific Partnership trade deal. Fears of a protectionist White House, and scant details on proposed tax cuts, infrastructure spending, and deregulation, have prompted some investors to reassess the level of possible future government stimulus to bolster the U.S. economy."

Technical levels to watch

In terms of technical levels, upside barriers are at 100.90 (horizontal resistance) and above that at 101.54 (50-DMA). While supports are aligned at 100.00 (psychological mark) and below that at 99.49 (low Dec.8). On the other hand, Stochastic (5,3,3) points south which serves as confirmation that further losses for the almighty dollar may be expected. 

Surprises can come from Trump's Friday meeting with UK PM May