The market remains quietly optimistic over a potential UK-EU trade deal as chief negotiator Frost suggested last Thursday that a deal can be completed by September, which is keeping the Pound from losing any ground so far. In addition, Bank of England chief economist Haldane has said that recent consumer spending has already made up for half of the economic losses experienced during the pandemic.

The Euro has lost its momentum as 19 EU countries struggle with increasing numbers in the coronavirus pandemic. Spain in particular has seen over 59,000 cases in the last two weeks, with nine scientific institutions penning a letter to the government warning that the healthcare system in Spain risks ‘collapse’.

US Empire State manufacturing data came out much worse than expected yesterday at 3.7 compared to the forecasted figure of 14.6. This coupled with a lack of progress over the next US coronavirus fiscal stimulus bill has led to the Dollar weakening further against both the Pound and the Euro. This in turn has led investors to favour gold which has pushed its price above the $2,000 mark once again. White House advisor Navarro has said that China is keeping their word with purchasing agreements as part of the phase one trade deal.