USD Gains After Trump Positive COVID-19 Test
US President Donald Trump and his wife tested positive for Covid-19. Does it relate to the fluctuations seen in the forex market? Yes, it has a huge impact on the economy. Along with him, his wife Melania Trump also tests positive. Potus and Flotus COVID-19 positive news was spread all over the world. President Donald Trump tweeted about it on his official Twitter handle.
But is it normal to react that the US president is COVID-19 positive? Do you know about the Trump corona impact on market volatility? We are not only talking about the upcoming US presidential elections. But Trump's positive COVID-19 impacts can be seen in the global economies. From crude oil, stock market to foreign exchange commodities, this news from the white house impacted every segment of the market makers.
USD After Trump Tests Positive
So what is the current situation of USD and pairs like EURUSD in global foreign exchange? How much of a Trump corona impact is seen on USD currency and trading volume?
Currencies are evaluated according to the exchange rates and volatile movement. For this, an index is calculated for every currency. For USD it is called DX or US: DX. So, what is the current status of the dollar index?
US: DX Increased
If we see it with a volatile overview of a month on forex charts, then the dollar index has seen a growth of more than one percent. But we are here to talk about the USD and Euros hike during the last few days. So it has seen a hike of around 0.1% only.
When President Trump tested positive the US: DX jumped to 93.95. It is not the highest index value for the USD. A few days ago USD was at a profitable index position. But this sudden spike is seen as a good symbol for the USD live trading.
Why The U.S. Dollar Getting Stronger?
After the Trump Positive COVID-19, the USD is getting more tradable. Along with this, investors are getting positively speculative. We are not going to talk about the bearish economic effects on the United States.
We will talk about the forex market and equity market only.
As a forex trader, you may know that there are two safest currencies to trade. The first one is USD and the second is the Japanese Yen. Both of these currencies hiked in the global market and people are making their trading plan.
Many Reasons Behind The USD Gains
Not only the president's Trump Positive COVID-19 report spiked USD value. But many other factors are making the Us-dollar stronger during this pandemic. The first reason is unemployment and the second is financial deals of the US such as the $25 billion airline deal.
The announcement of the election also affected the USD and its index. And now the president’s health also hit it. For forex traders and forex brokers, the USD has become more safe-haven after trump tested positive for COVID-19.
Not Only Forex But Others Affected Too
President Trump’s COVID-19 report has impacted many other economical segments of the world. It is not only the forex market which has seen the Trump corona impact. From crude oil prices to commodities, and retail foreign exchange trades have seen fluctuations.
Crude oil prices have fallen after this market volatility news. Similarly, major stocks and equities have also seen a downfall after this news. A major downfall has been seen in stock markets and the fx-market. The gold price gained after Trump tested positive. Gold has been impacted by Trump's health in a similar way the USD currency got impacted.
How does The World see It?
2020 has come along with problems for the whole world. From health emergencies in almost every country to the global economic recession. This year has seen dramatic changes in the trading system. You can see that crude oil prices are having a downfall and also the stock exchange has seen it. But have you noticed the USD is getting bullish every day from the past performance?
Currently, the world is showing a positive response towards the USD gain. The forex traders are all set to invest in this safe-haven currency as per their risk appetite. The USD is always at the topmost traded currency. And the pandemic along with president Trump's COVID-19 positive news made it more important.
Asian Traders Excited
Asian traders that have already invested in currency pairs having the USD in it and they are excited now. Most of the Asian traders use to invest in the USD. That is why the forex trading profession has seen a huge growth in Asia during the pandemic. This is because the USD index is rising during the coronavirus epidemic.
Now the latest event which impacted the USD value is president Trump’s corona test. The upcoming event is the US presidential elections coming in November this year.
It Is US, So It Is Important?
The United States of America is always the center of the global economy. Some people wonder why the health of the president is impacting the whole world. Well, it can't be so impactful if the matter was related to any other minor or small country head. It is the United States, that is why it is important.
One of the strongest nations of the world has always impacted the whole world. More than 0.2 million people died in America due to coronavirus. These deaths also have different outcomes on the retail forex. Every financial step of America impacts the overall financial-market and forex rates. Not only the wall street but the other countries' stock exchanges, foreign exchanges see the huge impact.
MAGA Will Continue Without Trump
Now the question is how long this Trump corona impact will be seen on the global economy along with the USD. Will it continue until the end of this year? Or it will end up when the Potus becomes well. Well, it will continue even after President Donald Trump recovers from COVID-19. Because even he is not well currently but his election campaign called “MAGA” (Make America Great Again) will continue.
The vice president Mike Pence will look after this campaign along with the other members of the Trump family. So the positive impact on USD will continue till the elections. Some trade forex experts say that the USD will gain until the global situations get back on track after recovering from the pandemic. So it is an unpredictable situation about this currency and currency trading.
Conclusion - Trump Positive COVID-19
The Coronavirus has led to a huge change in the global economy and the exchange market. But the events and forex news that occurred due to this pandemic are impacting the foreign exchange market more. In the same way, President Trump Positive COVID-19 report fluctuated the US Dollars index and other currency prices.
Also, it had a huge impact on the stock market, foreign exchange, crude oil, and various other segments. So it is important to keep in mind the Trump corona impact when you are investing in forex. There will be more changes to the foreign exchange due to new things that are coming out about the US president's health.
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