US Pres. Trump to work from hospital for next few days, no transfer of power

Dhwani Mehta FXStreet

After moving into Walter Reed National Military Medical Center late Friday, US President Donald Trump is said to spend the next few days in the hospital as a precautionary measure, White House Press Secretary Kayleigh McEnany said in a statement on Saturday.

McEnany said Trump’s symptoms are mild and that he would continue to work from a special suite at the military hospital in Maryland.

“We’re just trying to make sure that he takes it easy but he’s hard at work and will continue to,” McEnany told Fox News.

Meanwhile, Trump’s election campaign manager Bill Stepien also tested positive for COVID-19.

Calming fears over the uncertain US political climate, especially with just 31 days to for the Presidential election, White House spokesman Judd Deere said, “there will be no transfer of power from Trump to Vice President Mike Pence while the President is in the hospital.”

White House doctor Sean Conley said late on Friday that Trump was doing very well, did not need supplemental oxygen, and had received the first dose of Remdesivir, an intravenous antiviral drug sold by Gilead Sciences Inc, per Reuters.

In a tweet, early Friday, President Trump announced that he and the first lady Melania were diagnosed with COVID-19.

The anxiety over Trump’s virus contraction translated into a risk-off action in the global markets, as investors shrugged-off the optimism over a likely US fiscal stimulus deal.

Further developments concerning Trump’s health condition will be closely eyed during the weekend for fresh cues ahead of the weekly opening.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

GBP/USD loses momentum, flirts with 1.3200

GBP/USD is struggling to maintain its positive bias on Thursday, retreating toward the 1.3200 region in response to the pick in the buying interest around the Greenback. That said, Cable remains under scrutiny as cautious market sentiment keeps investors focused on the US-Iran conflict and political effervescence in the UK.

EUR/USD trims gains, challenges 1.1400

EUR/USD now gives away part of its earlier advance, receding toward the 1.1400 contention zone on Thursday. Meanwhile, the pair’s recovery comes amid extra losses in the US Dollar, at the time when while investors continue to monitor developments in the Middle East and sentiment surrounding global technology stocks.

Gold remains bid and close to $4,100

Gold accelerates its recovery and approaches the key $4,000 mark per troy ounce at the end of the week, adding to Thursday’s advance. However, expectations for a hawkish Fed remain steady and keep the yellow metal’s potential upside contained.

Crypto Today: Bitcoin at $60,000, Ethereum at $1,500, and XRP at $1 face a make-or-break test

Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) are trading in the red on Friday after three consecutive days of losses, testing their respective make-or-break support levels.

Week ahead – NFP report to challenge Dollar strength and the hawkish Fed

Dollar strength dominates markets, as the hawkish Fed overshadows geopolitics and lower oil prices. NFP week could drive September Fed hike expectations and boost market volatility. The euro lacks fresh bullish catalysts, all eyes on the preliminary inflation report and the ECB Forum.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.