The dollar has strengthened this morning after news that President Trump has tested positive for coronavirus. Due to its safe-haven status, the dollar tends to rise in times of uncertainty.
The President and First Lady have tested positive for COVID-19 and are now in quarantine, announced in tweet this morning. This comes just a month before the upcoming Presidential election, so any developments could cause further market volatility.
The greenback awaits Non-Farm Payrolls data today, which is expected to show that 850,000 new jobs were created in September. This would be less than August’s figure of 1.371 million. Unemployment and factory orders data will also be released this afternoon.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 7898 0500 or your Private Client trader on 020 7898 0541.
