Currencies Tumble as Trump Pulls Plug on Stimulus Talks

Late Tuesday, President Trump pulled the plug on stimulus talks sending currencies and equities sharply lower. He instructed his staff to stop negotiating until after the election which means unemployed Americans and struggling businesses wont receive any more help until December at the earliest. This unexpected announcement killed rallies in EURUSD and USD/JPY and could spark the beginning of a deeper contraction in risk appetite. Even when Trump was admitted to the hospital due to COVID-19, the prospect of a fiscal stimulus deal kept financial markets supported. By taking away this hope, Trump is giving investors a … (full story)

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