As of 12th November, Thursday, although the US dollar has witnessed an increase, the stock market has not been going so well. Although there have been positive hopes for the vaccine, the rising number of coronavirus cases is a matter of great concern. A large number of unemployment and jobless people are also on the rise. A panel discussion of Lagarde, Powell, and Bailey seems to be quite significant.
US Dollar vs COVID-19
US COVID-19 cases are more than 144,000 with 65,000 hospitalizations. The number of deaths is extremely high as winter approaches.
The coronavirus cases in Germany seem much better. They have almost brought the situation under control, whereas, Italy is still struggling and planning for a second lockdown phase.
Pfizer has recently announced 90% effectiveness of its vaccine in the 3rd phase. This is a major reason for the upsurge in the US dollar.
Johnson and Johnson as well as AstraZeneca are also closing in.
With Joe Biden, the President-elect preparing to take-over and begin the transition, America is going through major fluctuations.
Nonetheless, it seems to positively impact the US dollar.
UK And EU
Brexit has a self-imposed deadline of 15th November for negotiators of several issues.
UK’s GDP increased by 15.5% in Q3 as Britain is still having lockdown.
The numbers of October show a slight growth but need to recover exponentially.
Overall, the US dollar seems to have an upswing but has a long way to go.