Dollar Extends Gains, Stocks Slide as Trump Tests Positive for COVID-19

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Friday, October 02, 2020 / 08:33 AM /by Forexlive / Header Image Credit: Bloomberg

The risk mood sours as Trump tests positive for the coronavirus


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S&P 500 futures dropped by as much as 1.5%, as more uncertainty grips the market in the US election race after president Trump has tested positive for the coronavirus.

 

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The risk aversion in the market is adding to flows in the dollar and Treasuries, with the greenback and yen advancing against other major currencies currently.

 

US 10-year yields have fallen by 2 bps to 0.657% currently and that is also weighing on USD/JPY, which has fallen from 105.50 levels to a low of 105.32.

 

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The pair is now testing the 200-hour MA (blue line) @ 105.39 and that will be a key near-term level to watch as we look towards European trading.

 

Elsewhere, EUR/USD has also fallen from 1.1715 to just under 1.1700 briefly and is testing key near-term technical levels as well:

 

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Credit: The post Dollar Extends Gains, Stocks Slide as Trump Tests Positive for COVID-19 first appeared in Forexlive on October  02, 2020

 

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