Investing.com - The U.S. dollar got slammed as U.S. President-elect Donald Trump’s first post-election press conference rippled across global financial markets on Thursday.
While he failed to provide any details on his economic and fiscal policies, Trump's first formal press conference since winning the election on Wednesday touched on a wide range of topics, including allegations that Russia’s hacking campaign was aimed at boosting his candidacy against Hillary Clinton.
Trump of course dismissed those accusations, calling the story "fake news" and "phony stuff."
Trump disappointed dollar bulls who had been hoping he would outline his proposed plans to boost the U.S. economy with infrastructure spending and tax reforms.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell to a one-month low of 100.70 in early trade.
It was last down 0.9% at 100.80, pulling further away from last week's 14-year high of 103.82.
Meanwhile, shares in the biotech sector (NASDAQ:IBB) declined after Trump said pharmaceuticals companies were “getting away with murder” by charging too much for their products.
Trump has been credited with being a major catalyst behind the impressive rally since election day in the dollar and stocks, although he has yet to outline his economic policies in detail. He will officially take office on January 20.
Elsewhere, gold prices rallied above the $1,200-level for the first time since November, while the yield on the 10-year Treasury edged lower.
All in all, Trump continues to provide the fireworks with the best show in town. Anytime he says something or tweets, the markets listen.
To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics