Harris and Trump criticize each other over economic policies

The first US presidential debate between former President Donald Trump and Democratic nominee Kamala Harris of Pennsylvania is underway and has failed to trigger any significant market reaction so far. The debate is hosted and televised by ABC News.

The debate started with the critical question about the economy, inflation and economic policies. Donald Trump said: “we have a terrible economy. We have inflation that is probably the worst in history. This was a disaster for the people.”

Harris slammed Trump, replying: “Trump left us with the worst job since the great depression. It left us with the worst attack on democracy since the civil war. The former president intends to implement the detailed and dangerous plan called Project 2025”.

“I have nothing to do with Project 2025. Everyone knows I’m an open book and what I’m going to do,” Donald Trump rejects.

Donald Trump attacked Kamala Harris and the Biden administration over illegal immigration to the US. Trump said: “She is destroying this country. We will become Venezuela on steroids if he becomes president”.

Regarding the Middle East conflict between Gaza and Hamas, Trump said the conflict “would never have started” if he were still president. “I will solve this and quickly,” he says, adding that the Russia-Ukraine war will also end when he is re-elected.

Harris replied, “This war must end.” “It must end immediately,” she added. Harris continues to call for a ceasefire and eventually a two-state solution to “rebuild Gaza”.

Both candidates were asked about foreign policy and the best plan for the economy. Harris said Americans want a conversation about solutions, “instead of a conversation that is constantly about scorn and name-calling.”

“Let’s turn the page,” she added.

Trump responds: “He has a plan to defund the police. He has a plan to confiscate everyone’s guns. He has a plan to ban fracking in Pennsylvania and everywhere.”

When Trump was asked about replacing the Affordable Care Act, better known as Obamacare, the former US president said that Obamacare is “not very good today.”

“If we come up with something and work on things,” he added. “We’re going to replace him.”

The candidates’ closing statements also seemed unimpressive.

Harris noted that “Trump and I have two very different visions for America.” She repeated that she is focused on the future and Trump is focused on the past.

“We are not going back. We can find a new way forward,” she said.

Meanwhile, Trump said “we can’t sacrifice our country for the sake of a bad view.” “We are a failing nation. We are a nation in serious decline. We are the laughing stock of the whole world,” he said.

Kamala Harris and Donald Trump appear to be neck and neck, with the latest polls showing Trump leading Harris 48% to 47% nationally.

US dollar meets fresh supply

The US dollar came under fresh selling pressure against its main currency rivals, mainly caused by USD/JPY slipping following BoJ Nagakawa’s comments. The debate appears to have little or no impact on the FX space. At the time of writing, US dollar index is down 0.19% on the day to trade near 101.45.