Dollar Strengthened On Friday Anticipating Stimulus Plan, Brexit Uncertainty ‎Caused Euro, Sterling To Fell

The dollar has stabilized on Friday after a recent fall to its lowest since March 2018. The dollar index, which tests its evolution against a basket of six benchmark currencies (the euro, the pound sterling, the yen, the Swiss franc, the Canadian dollar, and the Swedish krona), has recovered by 0.20% to 90.02 points, while the Euro has fallen by 0.1% to $1.2263. The yield on the 10-year T-Bond remained steady at 0.93 percent in the U.S. government bond market.

On the other end, sterling dropped 0.6 percent on Friday to $1.3504, amid a return of concerns about the negotiators’ ability to strike a Brexit deal and get it accepted before the deadline of 31 December.

European Chief Negotiator Michel Barnier said on Friday morning that it was still possible to reach an agreement with London on potential ties with the European Union, but that only a few hours’ remained to reach it.

British Prime Minister Boris Johnson reiterated his skepticism at midday on Friday, saying the talks “seemed difficult” and that a divide had yet to be bridged.

Investors also held their sights on the U.S. Congress, where talks for a new initiative to help the U.S. economy at a time when the death toll has reached 310,000, threatening economic growth.

The $900 billion initiative, drawn up by a coalition of Democratic and Republican senators, provides for direct assistance to individuals, unemployment insurance, and funding to small and medium-sized enterprises. On the other hand, to promote an agreement, the irritating subjects (aid to states and municipalities, the corporate responsibility to Covid) have been set aside for the time being.

It is expected that the plan would be accepted at the same time as the $1,400 billion state funding project that must be adopted before Friday; otherwise certain federal departments will no longer be supported and will have to stop operating (“shutdown”).

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