The North American trading session is expected to be quiet as Wall Street has been shut down for trading today as a precaution against a powerful storm that is heading towards New York.
Hurricane Sandy has led to the pre-emptive closing of today’s US stock market and many businesses along the East Coast. The New York Stock Exchange may remain closed on Tuesday, depending on the effect of the hurricane.
The hurricane is said to be one of the strongest hurricanes to hit the US mainland ever, taking the east coast in its path, including New York, Philadelphia, Washington and Boston.
The U.S. National Hurricane Center (NHC) said Sandy is expected to bring a “life-threatening storm surge,” coastal hurricane winds and heavy snow in the Appalachian Mountains. Winds were at a maximum of 85 mph (140 kph) by 8 a.m. New York time.
Due to light volume trading and safe haven flows, the US dollar was propped up today.