Asian currency market confronts possible volatility after Trump's shooting incident
Date
7/15/2024 4:43:31 AM
(MENAFN) The currency market in Asia is anticipated to be the first major market to respond on Monday to the shooting incident at a campaign rally for former US President and presidential candidate Donald Trump in Pennsylvania earlier this week. A news agency reported on Sunday that increased volatility is likely, with the situation further complicated by a national holiday in Japan, which will hinder market liquidity.
Bitcoin experienced a surge following the incident on Saturday, as betting markets adjusted to boost Trump's election prospects, suggesting that the US dollar might open positively. This could mirror the market dynamics observed after last month's debate, which similarly improved Trump's election chances.
Late last week, the yen traded stronger due to clear intervention efforts to support it, which might limit the US dollar's movements against it. Additionally, with cash Treasuries remaining closed until London business hours on Monday, yield movements are expected to be subdued.
Meanwhile, the Chinese yuan is anticipated to draw significant attention due to Trump's trade policies. The combination of these factors sets the stage for a potentially volatile opening in the Asian currency markets.
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