US Dollar, Yen gain as Trump’s health condition deteriorates

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US Dollar, Yen gain as Trump’s health condition deteriorates

Japanese Yen gained and the American currency regained its safe-haven appeal in Friday's late-afternoon trading in the United States following reveal of a deluge of conflicting data regarding the US President Donald Trump’s health condition who earlier in the day had been admitted into the Walter Reed Medical Centre after having been tested positive for the pandemic infection.

Apart from that, financial data released on Friday had revealed that the US non-farm payrolls rose less-than-anticipated last month, however, a drop in the unemployment rate to 7.9 per cent last month compared to a reading of 8.4 per cent in August had offset a rising concern regarding the slowdown in US labour market.

US Dollar, Yen gain as investors seek safety on safe-haven currencies

Notably, following a volatile session on Friday, market had calmed down at the late-afternoon trading in the United States, but the US Dollar Index (DXY) measured against a basket of six major currencies, had held on to the day’s gains at 93.82, as a cascade of conflicting messages began to come forth regarding the health of the US President.

Citing statistics, on Friday’s FX market closure, the safe-haven Japanese yen rose to a one-week high of 104.95 against the American dollar, while the US Dollar Index added 0.1 per cent to 93.82, but remained 0.8 per cent down for the week, marking up its biggest weekly percentage drop since late-August.

The bloc’s common currency euro fell by 0.3 per cent against its American counterpart to $1.1718. More importantly, top physicians at Walter Reed had been quoted saying late on Friday that the US President’s condition was very concerning, rattling the investors’ nerve, while later the US President had been moved into a military medical facility and had been provided with two doses of experimental pandemic drugs.

However, earlier on Sunday, physicians who are treating the President was quoted saying in an emergency press conference that Trump’s physical condition was critical on Saturday night and his blood oxygen level dropped abruptly below 94%, while the next two days would be critical for him.

Trump is 74 years old and obese, which make him an ideal hunt for the pandemic pathogen.