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Dollar Stable As Markets Await News of U.S. President’s Health


The buck held ranges that are tight its peers on Monday as investors awaited clarity on the healthiness of U.S. President Donald Trump after he tested good for the coronavirus, sending areas into safe-haven assets.

“With few people like going major economic indicators released this week, the focus all comes down to Trump’s illness,” said Daisuke Uno, primary strategist at Sumitomo Mitsui (NYSE:SMFG) Bank.

“There is a welter of information concerning the extent of his condition, and that is making it difficult for market participants to create a move,” Uno said.

Just days before the Nov. 3 election, Trump had been flown to hospital for treatment for the coronavirus on Friday, adding another layer of uncertainty and market volatility as Trump’s re-election campaign seeks to fend off challenger that is democratic Biden.

Medical practioners dealing with Trump for COVID-19 told reporters on Sunday they are monitoring the situation of his lungs after he received oxygen that is supplemental hours before Trump surprised supporters outside a medical facility by riding past in a motorcade.

The news came the day after contradictory messages from the White home caused confusion that is widespread the president’s condition.

“Earlier, some traders bought back dollars and U.S. stock futures immediately following the news came out about Trump briefly leaving a healthcare facility,” Sumitomo Mitsui Bank’s Uno said. “But I don’t think it means which he has been completely cured.” The buck held ranges that are tight its peers on Monday.

The dollar index (=USD) ended up being little changed at 93.789, while traders adjusted their positions in safe-harbour currencies.

Against the safe-haven Japanese yen, the dollar rose 0.2% to 105.515 yen , after making its fall that is sharpest in more than 30 days to reach a one-week low of 104.95 on Friday.

But the greenback edged lower against the franc that is Swiss 0.918 , near a one-week low of 0.9163 it marked on Wednesday.

Meanwhile, sterling investors awaited cues from final round of Brexit trade negotiations as the expiry of the transition period at the end of approached December.

British Prime Minister Boris Johnson and the mind of the EU’s executive, Ursula von der Leyen, consented in a phone call on to intensify negotiations on a post-Brexit deal Saturday.

Johnson stated on Sunday he believes that Britain could live with such an outcome while he does not want the transition period to finish without a brand new trade deal.

The British Pound stood at $1.2942 as the euro changed hands at $1.1723 (EUR=EBS).

Investors also await the vice that is upcoming presidential debate on Wednesday.

Objectives that U.S. Congress will pass a stimulus package to guide the economy that is pandemic-stricken low ahead regarding the presidential election in November.

U.S. House Speaker Nancy Pelosi on Sunday said progress was being made on coronavirus relief legislation but had previous key that is flagged of disagreement.

The focus in markets this week shifts to central bank events and any clues they offer about the health of the economy that is global.

The Reserve Bank of Australia holds its policy meeting on as the Federal Reserve and the European Central Bank release the minutes of their September meetings Tuesday.


Billy Houghton

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