Investors are closely monitoring the pound as the United Kingdom experiences successive blows from Brexit and the Covid-19.
In the latest negotiation updates, the two parties are still deadlocked on key issues involving fishing rights and grounds for fair competition.
This is despite the talks breaching the initial deadline set on Sunday.
Consequently, the news on the new virus variant in the United Kingdom added to the burden.
In the latest developments, a number of European nations imposed a ban on international arrivals from the UK due to the risk of contracting the mutated virus.
In Asia, Saudi Arabia suspends all its international flights for the week as a proactive move to the incumbent situation.
Currently, experts are still in the process of studying whether its effects are more severe than the former. The incumbent vaccine’s efficacy to combat the novel coronavirus strain is also being studied upon.
With the latest developments, both the sterling and the euro fell on Monday’s early morning trading.
The GBP slashed most of its impressive rally recorded in the previous weeks of trading after falling by close to 2%.
It settled with $1.3251 against the dollar and 1.5% against the common currency after steadying at 1.0859.
According to experts, the fear of the virus impacts trade at a deeper level than expected. The news came at a time when the country prepares for the holiday boost with the nearing Christmas celebration.
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Analysts warned the two Brexit parties to make careful decisions with the post-separation deal now that they are on a tighter spot.
Dollar’s Performance and an Update on the Ruble
Due to the budding anti-risk sentiment in the market, the dollar experienced some correction during the session, propelling it back to the 90-point threshold.
The USD index, which tracks the performance of the greenback against other entities in the basket of currencies, gained 0.38%.
It steadied at 90.625 after playing around 89, touching a two and a half year low, last week.
With this, it gained leverage against the yen, which is Asia’s safe haven after a 0.38% increase. The USD/JPY pair ended the day at 103.62.
Meanwhile, the Russian ruble tumbled as much as 3.3% against the US Dollar in today’s trading session. It managed to regain a fraction of its strength but still ended the day with a 2.2% fall.
According to experts in the field, the currency suffered the most blow with the growing risk aversion among investors.
This is on top of the heightened tension between the US and Russia amid an alleged cyber attack.
- Trading Instrument