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.