Investors Optimism for Stimulus Increases, Wall Street Trades Positive As Trump Is Set to Leave the Hospital

Investors Optimism for Stimulus Increases, Wall Street Trades Positive As Trump Is Set to Leave the Hospital

Risk Appetite topped this Monday after a busy weekend as news feeds flooded headlines related to Trump’s health. Ahead of Wall Street’s closure, the US president announced that he would leave the hospital the same day, as he felt “20 years younger.” Trump received a series of experimental drugs and, of course, was looked after by an army of doctors. Meanwhile, the number of new infections among White House employees has skyrocketed.

US stocks rallied sharply on Monday, recovering from declines in the previous session as investors see further fiscal stimulus likely to come after news that President Donald Trump will leave the hospital where he is being treated for COVID-19.

White House chief of staff Mark Meadows said on Monday that there is still potential to reach an agreement with US lawmakers on additional coronavirus-related assistance and that Trump is committed to completing the deal.

“The stimulus deal is still in effect and communication continues … It looks like something will be done,” said Jim Paulsen, chief investment strategist at the Leuthold Group in Minneapolis.
Trump’s Health Improvement
Markets are recovering after positive news about the coronavirus infection situation of US President Donald Trump. His doctors indicated that the symptoms of the coronavirus are going away and improving. Trump may be discharged from the hospital on Monday. Separately, Trump also left the hospital on Sunday night and waved to his supporters in the motorcade.

EUR/USD jumped up from 1.1800 and GBP/USD moved closer to 1.3000 as European currencies were doing better against the US dollar. Pairs retraced slightly ahead of the close but retained most of their intraday gains.

The loonie posted moderate intraday gains, helped by rising crude oil prices. However, the Australian dollar remained flat ahead of the RBA’s monetary policy decision.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.