Tue, February 07, 2023

U.S. Dollar Slid as Trump’s Statements Disappointed Bulls

U.S. Dollar Slid as Trump's Statements Disappointed Bulls

The U.S. dollar declined by 1% to the 103.32 yen. It has also fallen as much as 0.6% to $1.1333 against the euro. While losing 0.6% to the safe-haven Swiss franc.

The greenback lowered significantly during the last few days. However, the currency fell further on Thursday as the investors were disappointed by the U.S. President’s statements. They think that those measures, which Donald Trump named won’t be very effective against the coronavirus outbreaks.

On Wednesday, the President announced the ban on travelers from 26 European countries entering the U.S. for thirty days. While he seemed quite confident when declaring that the virus wouldn’t win against America, the traders don’t feel very assured. Moh Siong Sim, a currency strategist at the Bank of Singapore, noted that the market was looking for more.

According to Sim, the travel ban is part of the solution; however, the more important parts are still missing. They are the public health measures, such as free testing, paid sick leave, free treatment. He also added that the market is looking for more action from the Fed after the disappointment from the White House.

Some analysts think that while Trump unveiled economic steps to counter the coronavirus, his address was light on medical measures beyond assurances that “the virus has no chance against us”.

Meanwhile, the World Health Organization declared that the outbreak has already grown into a pandemic, which caused the new wave of panic in traders.

How Other Countries Fare?

Italy has shuttered all shops except supermarkets, food stores, and pharmacies after the deaths rose by nearly a third overnight.

Australia announced an $11.4 billion stimulus package, including cash payments and wage subsidies to small businesses on Wednesday.

However, the Australian dollar lowered further with growing recession fears. Traders are waiting to see how the European Central Bank acts at its meeting later on today.

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