US Dollar index goes up again as it has been announced that Donald Trump caught Covid-19

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar         1.3275-1.3375

Euro                 1.5575-1.5675

Sterling            1.7175-1.7275

The US Dollar index is stronger this morning and markets are rattled as it has been announced that President Trump has contracted Covid-19, the Dow Jones index as I write is opening some 400 points lower down over 1% to start the day. EURO.USD had fallen to trade at 1.1705 before pulling back a little and GBP.USD fell back to 1.2845 before pulling back some losses. I am sure the market will be looking for health updates on the President but for now we will have to watch closely as to how the market reacts.

In other overnight news the US Congress passed a 2.2 Trillion Dollar stimulus plan but the Republicans in the Senate have killed the bill as it arrived so the US economy is still without a viable stimulus bill to help with the second wave of the virus.

In the UK the latest round of Brexit talks are fast approaching a deadline for resolution and so far there has been no update on the progress of the talks. Sterling will remain weak unless a deal is reached.

USD.CAD pushed higher last night and once again the exchange rate has moved above the 1.3300 level to open the day at 1.3305 (0.7516). The Loonie will get whipped around today as more news is released on the health of Trump and we get the results of the US Jobs report for September.

The Jobs report will be out shortly and the market consensus is expecting 850K jobs to have been recovered last month which is a clear indication that the pace of job recovery in the US is slowing. Giving the announcements this week of massive layoffs in the US and no stimulus plan in place the employment picture in the US could be very bleak as we move forward pushing the US Dollar higher and stocks lower.