How the dollar could trade on Trump's coronavirus diagnosis

News that President Donald Trump tested positive for the coronavirus early Friday jolted global financial markets.

Currencies were no exception. The U.S. dollar, seen as a safe haven in times of uncertainty, rose 0.7% against the Australian dollar after the president tweeted confirmation of his diagnosis. The euro fell 0.3% against the greenback, while the dollar index — which measures the greenback against a basket of major currencies — rose 0.2% initially but pared some of those gains.

Despite the dollar's rise early Friday, strategists aren't convinced the news will spark a longer-term move higher.