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[Bloomberg Markets] [Forward Guidance] [FOLLOW US [Facebook Share]][Twitter Share] [SEND TO A FRIEND [Share with a friend]] Dollar rally struggles, the pound slump drives FTSE to record record, and the end of an era at Yahoo. Dollar drops Investors worried that the market has got too long dollars are paring back positions ahead of President-elect Donald Trump's news conference tomorrow. The yen strengthened to trade as high as [115.20 to the dollar] overnight, before giving up some of those gains. It is a different story for [the Turkish lira], which fell to another new record low against the greenback this morning, and was trading at 3.7816 to the dollar at 5:15 a.m. ET. FTSE record record Another currency that has a bad start to the new year is the [British pound], which was trading at $1.2148 at 5:19 a.m. ET. But as the pound falls, the sterling-denominated FTSE 100 rises. So much so that the index has closed at [a new record high] every day since markets reopened after Christmas. Should it close higher at the end of today's session, that would be nine successive record highs -- which would itself be a record, the longest previous streak being eight back in 1997. End of an era at Yahoo Yahoo! Inc. Chief Executive Officer Marissa Mayer [will leave the board] of the investment company that will remain after the proposed sale of Yahoo's internet properties to Verizon Communications Inc. closes. The company will also drop the Yahoo name, and become Altaba Inc. The chairman of [Alibaba Group Holding Ltd.], who met Donald Trump yesterday, is steering his company to take big steps offline as it leads a bid to take department store chain [Intime Retail Group Co.] private for as much as $2.6 billion. Markets quiet Overnight, the MSCI Asia Pacific Index [gained 0.2 percent], with Japan's Topix index dropping 0.7 percent as the yen rallied, putting pressure on exporters. In Europe, the Stoxx 600 Index was [0.1 percent lower] at 5:24 a.m. ET with a decline in lenders offset by rises in carmakers and miners following data from China [showing producer prices rose] at the fastest pace in five years. S&P 500 futures were [broadly unchanged]. Trump appoints his son-in-law Jared Kushner, son-in-law to the president-elect, will serve in an unpaid role as [senior White House adviser], the transition team announced yesterday. He will complete the trinity of key advisers to the PEOTUS, which also includes Reince Priebus and Stephen Bannon. While questions have been raised on whether the appointment would fall foul of a 1967 anti-nepotism law, legal experts do not think it applies to the White House. Meanwhile, the right-wing website Breitbart News has hired the Wall Street Journal's John Carney to [lead up a new finance and economics section]. Here's what you should read today Fund that [made money on Treasuries] says rally is about to end... ...But don't worry, [baby boomers] have got your back. [Too much wheat] is forcing farmers into other crops. Le Pen says all French banks have [refused to meet] with her. Here's where [Goldman Sachs] is telling clients to invest in equities. Credit hedge fund shorting [China junk bonds] as risks mount. Trends in [arbitrage-based] measures of bond liquidity. And finally, here’s what Joe’s interested in this morning There's probably no more important question right now than whether there's a true reflationary wave sweeping the globe. Is a major turn happening on this front or is it just a head fake? Last week we saw very firm inflation numbers out of Germany and the best U.S. wage-growth data since the financial crisis. Today it's Chinese Producer Prices, [which surged 5.5 percent from last year], the data's biggest jump in five years. For years when China was raging hot, people said it was exporting inflation to the world. Then as it slowed down, the meme was that it was exporting deflation to the world, dragging down prices thanks to its own excess capacity. But as the excess capacity gets sucked out of the system and prices pick back up in China, this is yet one more important inflationary impulse to keep an eye on. You received this message because you are subscribed to the Bloomberg Markets newsletter. [Unsubscribe] | [Bloomberg.com] | [Contact Us] Bloomberg L.P. 731 Lexington, New York, NY, 10022