US Dollar Stuck in a Range as Focus Turns to Trump’s Condition
The US dollar is trading in a narrow range early on Monday as markets focus on updates about President Donald Trump’s state of health after having contracted COVID-19. At the time of writing, the US dollar index DXY is trading around 93.73.
The risk-off sentiment was triggered in global financial markets late last week after news reports emerged that the US President and First Lady tested positive for coronavirus, raising uncertainty and volatility. Markets continue to trade under significant pressure due to worries about the economic fallout from the pandemic, even as countries report a resurgence in cases and reintroduce restrictions to curb the spread of infections.
With a lot of rumors and contradictory reports being shared in the media, there is a high volatility in US stock markets and in the US dollar, which rose when initial reports revealed that Trump had left the hospital. The dollar remains supported as a safe haven currency amid the ongoing uncertainty, but has weakened against the Swiss Franc.
Traders also look forward to the upcoming vice presidential debate later this week to decide on moves in the US dollar. Meanwhile, rising hopes for the coronavirus relief package being passed by the Congress this week are weighing on the greenback for now.
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