The coronavirus has spread its claws to the White House. President Trump announced on Friday that he and his wife Melania had contracted COVID-19. As the day went on, the news reported that several of his advisers and employees had also contracted the virus.
Avoiding risks is the first step in helping the dollar recover slightly. Nevertheless, the American currency ended the week with losses against all its main rivals.
Trump’s health is the main topic before the opening of the week. Weekend reports of his successes have been controversial, although Trump himself posted a video late Saturday, indicating that he feels a little better and continues to lead the country. News in a few days will be critical, and headlines related to his health are likely to spark risk-taking movements across the board.
Since the outbreak of the virus in Wuhan, China six months ago, the world has been at a historically high level of uncertainty. And the virus still does not leave us alone. Just a month before the elections, there will undoubtedly be vicissitudes ahead that are likely to limit the commitment to unilateral action. Caution is likely to be the picture we see in a few weeks.
The GBP/USD pair ended the week with a significant gain of around 1.2978 amid hopes for post-Brexit trade. Last weekend, British Prime Minister Boris Johnson and EU Commission President Ursula von der Leyen met and approved a further month of negotiations after progress has been made, but “significant gaps” remain. Key negotiators have been instructed to “work hard” to close such gaps.
British Prime Minister Boris Johnson argues that Britain can “more than live” with Brexit without a deal. In an interview with Speaking to BBC magazine, Andrew Marru Johnson said he “didn’t want a particularly WTO-like Australian outcome, but we can more than live with it.”
However, Brussels has not stopped trade negotiations, as neither side wants to backtrack from WTO trade terms next year. Instead, the EU made it clear that it is filing a lawsuit against London in response to a controversial Internal Markets Bill (IMB). However, this will take time, and it does not prevent from closing a deal at this time.
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