TOKYO - The dollar held onto gains against most currencies on Wednesday after Republican U.S. President Donald Trump’s abrupt cancelling of talks on economic stimulus with Democrats increased risk aversion.
Trump’s surprise decision to call off stimulus talks until after the Nov. 3 presidential election increases downside risks for an already shaky U.S. economy, which is likely to favour safe harbour flows into the dollar. Highlighting the peril, Federal Reserve Chair Jerome Powell on Tuesday warned that the U.S. economy could slip into a downward spiral if the coronavirus is not effectively controlled and called for more economic assistance.
Trump has only just returned to work on Monday after three nights in hospital following his bombshell admission last week that he had contracted the coronavirus.
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