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Market Turns Risk-Off As Trump Has Been Reported Positive For COVID-19

Xero Capital Markets Ltd.

During the Asian session, the market mood turn to firmly risk-off, with Asian stocks traded lower, lower yield, higher volatility, and strength in safe-havens.

The negative sentiment is widely being attributed to reports of US President Trump testing positive of COVID-19. "Tonight, FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately. We will get through this TOGETHER," Trump wrote on Twitter.

In FX markets, the risk-off tone has boosted safe-havens currencies, with JPY is leading across the board, followed by CHF and USD.

On the other hand, high-beta currencies have remained pressured with AUD is the worst performer. Meanwhile, GBP dropped amid a continuation of Brexit uncertainty following yesterday's contradictory reports.

In the European session, the analysts expect the market mood to remain risk-off, as Brexit uncertainty and US election uncertainty to all remain pressing issues. Any further Brexit developments could market-moving for GBP, and ongoing risk-off tone to continue support safe-haven currencies and pressuring high-beta currencies.

Xero Capital Markets Ltd. Review

Source: https://monsun.asia/2020/10/02/market-turns-risk-off-as-trump-has-been-reported-positive-for-covid-19/
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