Dollar slumps as Trump suffers new defeat on health care

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Dollar slumps as Trump suffers new defeat on health care – Jul. 18, 2017

Health care promises made by candidate Trump

The U.S. dollar slumped against major currencies on Tuesday after Republicans abandoned their latest plan to repeal Obamacare.

The dollar index, which measures the greenback against a basket of currencies, dropped to its lowest level since September 2016 after it became clear that Republican leaders in the Senate did not have the votes to even begin debate on the legislation.

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The collapse raises questions about the rest of President Trump’s economic agenda.

“It seems markets are losing confidence that President Trump will be able to deliver on his promised plans,” said FXTM strategist Hussein Sayed. “Six months in office and with no major legislation signed into law, it seems that the ‘The Art of the Deal’ hasn’t worked so far in U.S. politics.”

Related: What happens if Congress fails to repeal Obamacare?

The dollar’s decline meant that it bought only 1.15 euros on Tuesday, its weakest level in 15 months. It also dropped against the yen, Swiss franc and British pound.

dollar euro

If Trump can’t make progress quickly on other signature campaign promises such as a massive tax cut and increased spending on infrastructure, investors could react negatively.

“With tax reforms now likely to face huge uncertainties and economic data signaling [a] slowing economy, it will only be a matter of time before U.S. corporate earnings take a U-turn, thus ending the equities rally,” said Sayed.

CNNMoney (London) First published July 18, 2017: 3:57 AM ET

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