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Healthcare bill dropped; dollar off lows

3/27/2017, 9:49:56 AMBasics of Trading
Healthcare bill dropped; dollar off lows

 The U.S. House of Representatives’ withdrew a healthcare bill to repeal and replace Obamacare on Friday, as chances of passing the bill appeared slim amid a lack of votes.

The vote on the bill was scheduled for 15:30 EDT but the House went into recess as Republicans deliberated whether to proceed with a vote on the bill.

The dollar moved sharply higher on the news, as some investors seemed to view this as an opportunity to look ahead to other parts of Trump’s political agenda, which includes tax reform.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, gained 0.02% to 99.58 by 16:00 EDT.

The sharp rise in the greenback weighed on gold, as the Gold Futures fell 0.09% to $1,246.15.

Elsewhere, U.S. stocks traded mixed, as investors awaited Speaker of the House Paul Ryan, who said he will give an update on the legislation at 16:00 EDT.

The Dow Jones Industrial Average slumped 59 points, or 0.29%, to trade at 20,596. The S&P 500 gained 0.11% and the Nasdaq Composite traded at 5,828 up 0.19%.