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  • The S&P 500 futures rise, pushing the safe-haven US dollar lower. 
  • Risk sentiment improves on reports that Trump could be discharged from hospital on Monday. 

The safe-haven greenback is feeling the pull of gravity in Asia, with the US stock futures cheering President Trump’s coronavirus recovery news.

At press time, the dollar index, which tracks the greenback’s value against majors, is hovering at 93.72, representing a 0.10% decline on the day, having faced rejection at 94.03 on Friday. 

The S&P 500 futures are trading 0.65% higher on the day on hopes that President Donald Trump could be discharged from the hospital later in the day, ratcheting down political tensions. 

Stock markets fell in the second half of last week after Trump announced that he and the first lady were coronavirus positive and heading into quarantine. Trump’s coronavirus infection news helped the dollar end a four-day losing trend on Friday. 

Premature optimism

An article by the New York Times states that Trump’s medical details, including his fluctuating oxygen levels and a decision to begin treatment with a steroid drug, suggests the President suffering a more severe case of Covid-19 than the physicians acknowledged.

As such, the optimism signaled by the S&P 500 futures looks premature and could fizzle out, reviving a haven demand for the greenback. 

Technical levels