The market is paying attention to the first few hours of President Trump's term to set the tone for his second term. On Monday (January 20th), the US market was closed due to the Martin Luther King Day holiday, and the focus in the short term will shift to the foreign exchange market as well as stock and bond futures.

Normally, the market's performance during a presidential term tends to be more in line with the recovery of economic trends, but Trump often triggers volatility and heralds the arrival of large-scale policy changes.

Trump is the first president since Grover Cleveland in the late 19th century to serve two non consecutive terms, and his return has sparked a wave of concerns in the market.

The US dollar has slightly fallen in cautious Asian trading. Recently, the US dollar has continuously climbed to multi-year highs, and traders are concerned whether the dollar will fall if Trump takes a slower pace. At the same time, they are also questioning whether tariffs are really the driving force behind the strengthening of the US dollar.

Since mid September, investors have been selling bonds and buying dollars, anticipating that Trump will not only promote economic growth, but also trigger inflation through measures such as raising tariffs, cutting taxes, and cracking down on immigration. He has stated that he will sign nearly 100 executive orders within hours of taking office and reiterated his commitment to deporting immigrants, cutting regulations, and releasing energy resources at Sunday's rally.  

Trump will be sworn in at 12:00 noon in the Eastern United States (02:00 am Hong Kong time on Tuesday), and the ceremony will be held inside the dome of the Capitol Building. Due to the cold weather, the ceremony has not been held indoors for 40 years.

Trump's statement that he will "save" the Chinese social media app TikTok further exacerbates its unpredictability. Previously, TikTok was shut down in the United States due to national security issues, and this law came into effect on Sunday.

In addition, Trump launched a digital token on Friday, which initially skyrocketed in value, but experienced a certain pullback after his wife Melania Trump launched another token, and even some senior cryptocurrency investors were uneasy about this speculative surge.

Bitcoin has risen more than 45% since Trump's election, but fell about 3% on Monday to $101.800, which may be a signal that there are already a lot of expectations being priced in the market.

Key developments that may affect the market:

President Trump's inauguration ceremony