President Donald Trump and other geopolitical factors are significantly impacting the trajectory of stock and foreign exchange markets. The risk of a war with North Korean, along with other geopolitical concerns, are causing currencies to slip in pairings with others.
The S&P 500, at roughly 2,370, is about 30 points below its March 1st record high. That is just a little above the middle of the trading range we have been in since the middle of March, that is, between about 2,325 and 2,400. Absent a geopolitical crisis, the other risks have a good chance of resolving to the upside.