UK Transport Secretary Shapps has said that we are now at a critical moment with the number of coronavirus cases increasing, suggesting that we are weeks behind Europe. Chief Medical Officer Whitty has also said that his advice to the government is to go ahead with a second national lockdown. As a result, the Pound remains stagnant with the market wary of the impacts a second lockdown may have on the economy although optimism remains on the Brexit front with concessions being offered by the UK.

France’s daily coronavirus cases have now increased to 13,215 – the highest level since the start of the lockdown. Germany’s health minister Spahn has said that the increasing number of virus cases in Europe is worrying and will reintroduce restrictions if need be. The European Central Bank is reviewing their PEPP quantitative easing program as they try to decide if further measures need to be taken and how long it should continue for. The Euro is still outperforming against the Dollar.

Today, Federal Reserve Chairman Powell will be speaking followed by other FOMC members with any comments likely to be scrutinized. FOMC member Bullard has also mentioned that interest rates are set to stay low for the foreseeable future which is keeping the Dollar weak against both the Pound and Euro. A US judge has blocked President Trump’s attempt to ban the Chinese messaging app WeChat.