The Dollar and US markets have dominated the news since the Presidential election. At the end of the last trading week before inauguration, both showed signs of running out of steam, as Mr. Trump’s first press conference caused tremors in the currency market. In spite of some good bank results, US equities were softer. In India, the first two weeks of the year have witnessed a steady recovery in equities, as the Nifty added 214 points to close 2.6% up at 8400 after trading in a range of 3.3%. Average daily trading volumes at $3bn remained below the twelve month trailing average. Foreign portfolio selling continued as FPIs sold a net $386mil in cash equity, while domestic institutions were net buyers of $413mil. Volatility was stable with the India VIX trading between 13 and 16 before closing at 14 for a fall of a point. Market breadth was strong, with advances ahead of declines by four to one. Nifty futures closed at a premium of 0.75% to cash.