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Healthcare bill woes spark dollar slump

The euro shot through $1.15 against the dollar and the yen threatened to break below ¥112 after two more Republican senators said they would bet against the healthcare reform bill unveiled by their party last week.

Two senators, Mike Lee from Utah, and Jerry Moran from Kansas, both said the new proposal for the Better Care Reconciliation Act don’t go far enough in repealing Obamacare – a key pledge of President Trump’s election campaign.

The euro, at $1.1470 as activity picked up in Hong Kong and Singapore, jumped to $1.1525 against the US currency in less than an hour – a sharp move in a normally slow part of the trading day. The move put the single currency at its highest in nearly two years.

The Japanese yen went to Y112.15 – its lowest in two weeks – from Y112.6. The Australian dollar meanwhile managed a two-year high against the greenback at $0.7873.
The dollar index, a trade-weighted measure of the currency, dropped to a ten-month low at 94.784, down 0.4 per cent from levels late in the New York day.

Donald Trump responded to the news by tweeting:

Republicans should just REPEAL failing ObamaCare now & work on a new Healthcare Plan that will start from a clean slate. Dems will join in!