Monday’s closed stock market was accompanied by a strong USD in the Foreign Exchange Market.
Tuesday the market is foreseen to be closed also, opening again Wednesday pending on the advancement of weather conditions. This stock market close is the first weather-caused closure since Hurricane Gloria in September of 1985. The last unexpected closure of the market was due to September 11th.
Jeffrey Schroeder of Goldman Sachs said Monday: “Hurricane Sandy is expected to intensify this evening. Financial markets will be closed on Tuesday and transportation will remain suspended indefinitely in New York City and other locations affected by the storm. As a result, 200 West and 30 Hudson will be closed tomorrow.”
What is more important than the stock market is people. This Hurricane can be devasting to many on the East Coast.
As of the three O’Clock update the winds at the center of Hurricane Sandy were 90 mph. The potential of property damage and power outages for many is high. In spite of the threat, the U.S. Dollar is bullish today.
Today the United States Dollar has risen against the EUR, AUD, CAD, and many other currencies. This could be taking place because of Risk Aversion related to Hurricane Sandy or, it may be a result of the market digesting all of the recent positive news. Also, the upcoming election could be firing up the USD bulls as well.
As weather developments advance over the next could days, we will see if the Hurricane does affect the market substantially.
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