The Dollar Sinks as the GOP Fails to Replace Obama Care

GOP, republicans, europe, european, trump, politicsBREAKING: Two more GOP Republican Party members have now said that they could not vote “yes” on US President Donald Trump’s GOP healthcare reform bill. This has, once again, doomed the replacement of Obamacare. Another failure for Trump and the GOP.

After the news of the two additional “no votes” US Senate Majority Leader Mitch McConnell abruptly called for a vote to repeal Obamacare. For now, there will be no immediate replacement.  The replacement effort has officially collapsed.

After the news the US dollar index nosedived as investors have lost confidence in the administration’s ability to pass any of its initiatives.

The two senators, took to Twitter to post their concerns. Senator Jerry Moran, R-Kansas., and Senator Mike Lee, R-Utah, became the third and fourth GOP senators to say they would not support their party’s Obamacare replacement plan as written. Further, they said they would not even back a motion to proceed.

The GOP cannot agree and Hurts the Dollar and Confidence

The US Republican Part controls a majority of 52 seats in the Senate and had already seen two defections. They imply could not afford a third much less a fourth no vote.

Their opposition marks just the latest setback to the Republican Party’s effort to repeal and replace Obamacare. This was a key Republican and Trump campaign promise. The Republicans have tried for most of the last decade. They have failed, now multiple times this year, amid party divisions. The Republicans chose to address the healthcare reform before tax reform. That is another key campaign pledge. Every setback is seen, by dollar investors, as delaying the party’s broader agenda. It signals the inability too govern.

David Frank

David Frank

Chief Market Strategist at CupO'Forex
David has his MA and PhD in Economics. He is a technical analyst who has been trading in the Forex world for over a decade. As an analyst and trader, David believes in the big picture by blending together technical analysis with the fundamentals behind the scenes in the Forex and Bond markets. David’s trading strategy is unique. He blends an understanding of fundamental and macroeconomics with technical analysis to offer a unique view into Forex. He applies several strategies including carry long positions, to take advantage of high yields in non-volatile markets, as well as using quicker, chart related analysis for day trading.
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