Republican failure to overhaul US healthcare system sends the dollar reeling
- Latest: Dow Jones on track for worst run since 2011
- Introduction: Markets hit by Trump’s healthcare debacle
- Pound rallies to seven-week high
- Traders demand ‘safety premium’ on US assets
- Full story: Trump blames everyone but himself for failure of GOP healthcare legislation
Michael Hewson of CMC Markets says the markets have ‘caught a cold’ from the Republican’s failure to win enough support for their healthcare reforms – despite enjoying a majority on Capitol Hill.
Having overseen a strong rally in stock markets over the past few months the new US president is learning a hard lesson in the differences between campaign promises and the ability to deliver them in a difficult political environment.
President Trump is learning the hard way that there are big differences in promising the earth and then being able to deliver it.
Gold has now recovered almost all its losses since November, as traders dash back into ‘safe-haven assets’.