The Pound Sterling was lower against its European counterpart, though the focus remains squarely on a positive conclusion to the Brexit deal. Over the weekend, members of the leadership from Britain and the EU agreed to work toward closing significant gaps that are preventing a new trade partnership. The Prime Minister, a party in the conversation, said that though he preferred to have a trade deal, he felt that they could “live” with an alternative outcome. Also weighing on Sterling is the rising numbers of people infected by Covid-19; a glitch in the computer system suggested a record number had been infected on Sunday but officials say the glitch has been fixed. An updated figure should be released soon.
As of 10:58 am in London, the EUR/GBP was trading at 0.9075 Pence, up 0.1998%; the pair has ranged from a low of 0.90463 Pence to a peak of 0.90893 Pence in today's session. The GBP/USD was higher at $1.2953, a gain of 0.174%, and off the session peak of $1.29657.
President's Health Keeps Dollar in Check
In the US, FX traders are exercising caution with the greenback until more concrete news on the President's health is released and confirmed. Over the weekend, Donald Trump was taken to Walter Reed Hospital after it was reported that he had tested positive for the Coronavirus; Mr. Trump is only the most prominent to be infected by the virus in what appears to be a “superspreader” event, specifically the Rose Garden announcement of the Supreme Court nominee. Mrs. Trump and several US senators have also tested positive, as have several key members of the President's administration. Information on the President's health has been sporadic at best, and given the history of rhetoric, there is great uncertainty about the truthfulness of the reports.