FOREX NEWS

ForexLive Asia FX news wrap: Risk slips a little as Trump close contact test positive – ForexLive


Forex news for Asia trading
Friday 2
October 2020 

Early hours in Asia saw US
coronavirus economic relief bill news passing (more in the bullets
above) but the long story short is that the two sides are still
reaching for a compromise. The House passed the Democrat support
bill, which at $2.2tln is so far unpalatable to the Republican side
and so will not succeed in the Senate. Mnuchin and Pelosi will
continue negotiations, Senate leader McConnell says he’ll ‘take a
look’ if an agreement is reached. Meanwhile, time is running out for
getting a bill approved prior to the US election.

Later
news was more impactful though, with close confidante of Trump Hope
Hicks returning a positive COVID-19 test. Again, more in the bullets
above but in brief:

  • Hicks
    travelled with Trump on Air Force One on Wednesday, alongside many
    other aides and advisers.
  • Trump’s
    entourage were not all wearing masks upon entering the debate and
    those that were removed them upon being seated.
  • Trump
    and his wife have been subsequently tested and are awaiting results.
    Given the incubation period of the virus even either were positive it
    may be too soon to tell from this test.

In
the wake of the Hicks news stock markets took a bit of a fright,
trading lower. Risk related currencies traded similarly. As I update
EUR/USD, AUD/USD, NZD/USD are all lower on the session, USD/CAD
higher. USD/JPY, though, is little changed while USD/CHF is up some.
Gold is lower on the session.

A
reminder (again) that China and Hong Kong were both out today, and
that China will be out for most of next week also. USD/CNH recovered
some ground further during the session here.

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