Major Currency Drops Badly, Because of Trump!

 US dollar trading resumed after US President Donald Trump abruptly stopped negotiations on a $ 2.2 trillion economic stimulus with Democrats.


The market has just breathed a sigh of relief after Trump returned to the White House after receiving treatment for a coronavirus at the hospital.


However, Trump's surprise decision to suspend stimulus talks until after the Nov. 3 presidential election has prompted most major currencies to plummet.


Trump has accused U.S. House Speaker Nancy Pelosi of not negotiating in good faith.


The dollar index, which measures the strength of the greenback dollar against a basket of major currencies, traded at 93.85.



Among the most affected currencies are the Aussie dollar and the New Zealand dollar. The Aussie dollar has previously been weakened by the prospect that the Reserve Bank of Australia (RBA) will lower interest rates at next month's policy meeting.


Euro trading, which initially soared to a 2-week high, plummeted again following the resurgence of the US dollar.


Meanwhile, the pound depreciated after being pressured by reports that the European Union (EU) had no plans to offer concessions to the UK by Prime Minister Boris Johnson's October 15 deadline.


Instead, the EU is ready to extend talks until mid-November and take the risk of a Brexit no-deal from succumbing to competition issues and fisheries rights.