Trump Tests Positive for the Coronavirus, thus Dollar Gains

Trump Tests Positive for the Coronavirus, thus Dollar Gains

Let us check the market. The United States dollar made modest but broad gains after Trump’s positive test. The Australian dollar index is -0.5%. The United States dollar index is +0.2%. Analysts say that campaign will face disruption.

The United States President Donald Trump said that he tested positive for COVID-19 and entered quarantine. Thus, on Friday, the United States dollar jumped, and the safe-haven yen hit its highest level of the week.

Investors brace for the presidential election in November. Thus, the news can cause a new wave of market volatility.

On the risk-sensitive Australian and New Zealand, the greenback rose about half a percent. Meanwhile, per dollar, the yen was up roughly 0.3% at 105.27. It is its highest since Monday.

The euro decreased 0.3$ to $1.1716.

Against other currencies, the yen made even more massive gains. It was during a broad shift out of commodities and riskier assets. Holidays in China lightened volumes in Asia.

Dollar and Other News

Trump tweeted that he and his wife Melania tested positive for the Coronavirus. Thus, they were going to quarantine.

Analysts said that it could upend the campaign. Nevertheless, the medium-term implications for currencies were not immediately clear.

Sean Callow at Westpac said that it has the potential to reduce Trump’s campaigning ability.

Moreover, Callow added that it hurts him as far as the whole narrative is not much to worry about. Thus, it puts the COVID crisis itself back front and center. Nevertheless, does it shift polls? Callow does not know it.

The New Zealand dollar was last at $0.6629 and the Australian dollar at $0.7144. The United States dollar rose 0.2% against a basket of six major currencies to 93.899.

Investors had been o edge on signs that a hoped-for United States fiscal stimulus package was stalled in Washington.

That is the current news of the United States and the market.

Comments Rating 0 (0 reviews)