Dollar Strengthened As Virus Situation Is Putting Pressure On The Euro Zone

The US dollar strengthened against major currencies on Tuesday, December 22. The DXY index was up 0.66 percent on the day to close at 90.546, while price of EUR/USD pair dropped by 0.62 percent to $1.21637.

The rise came as the situation with coronavirus in the UK is still in the centre of interest of market participants. There is growing concern at the moment that the latest strain of the virus may have already spread to Germany and France, though it has already been identified in Italy. In these conditions, it cannot be ruled out that the United Kingdom will be accompanied by the European Union with respect to the tightening of the quarantine steps, which could lead to a rise in the market’s corrective sentiment and a weakening of the single European currency. At the same time, BionTech’s head, Ugur Shahin, said that the likelihood of their vaccine’s efficacy against a new virus modification is very high. It will take about two weeks for the organization to perform relevant research, according to him. He also added that Pfizer and BionTech could develop a vaccine against a new strain within six weeks if needed.

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But on the other hand, a negative point was US President Donald Trump’s declaration that he is not going to sign the latest fiscal incentives bill in its current form. According to him, this package of initiatives allows for the transfer of hundreds of millions of dollars to foreign countries for purposes entirely unrelated to the war against Covid-19, in addition to helping the population and sector. The bill provides for Egypt to send $1.3 billion to fund the needs of its military-industrial complex. Trump called on Congress to drop such spending items from the stimulus plan and instead increase direct payments from $600 to $2,000 to U.S. citizens, which typically sounds fair. There is a high possibility, in this respect, that this bill will not eventually be accepted until the end of this year.

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