Market Update

Sterling has recovered from considerable losses that it suffered from earlier in the month which coincided with the global effect that COVID-19 has placed on the world’s economy.

With the virus taking its toll on the UK with 14,000 cases and more than 1,000 deaths, it’s hard to currently see that reaching an agreement with the EU would be top of the Prime Ministers Priority list.

According to a statement released by the European Union on Monday, the UK-EU committee held their first telephone conference. In the conference, the EU warned the UK to set out what steps it will put in action to prevent a hard border in Ireland after Britain’s break from the Eurozone becomes official.

They met due to concerns that PM Boris Johnson is running out of time to strike a deal and will have to postpone the deadline due to growing fears that the pandemic has placed over the UK. However, the government had already ruled out extending the deadline beyond 31st December.

The US has now become the most affected country by Covid-19 with total cases surpassing 140,000. With this in mind, US economic releases will be highly looked at this week.

With highly market influencing pieces of data such as the Unemployment rate, Jobless claims and the highly volatile non-farm payrolls, if these key releases show a negative effect that the virus is having on the US then we will see investors pull their money from the US weakening their currency.

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