There have been 1.7 million confirmed cases of coronavirus globally, with over 100,000 deaths. The majority of countries around the world still have strict lockdowns in place, and the virus is still spreading rapidly.
The coronavirus focus in the last week has largely been around the provision of PPE, as well as MDBs providing continued economic support to businesses
The coronavirus focus is now on ensuring countries have free flow of medical supplies, equipment and goods, with the support of MDBs
Unexpected and unpredictable, COVID-19 has already made a huge impact on global economies and markets, including the currency market.
With two Brexit deadlines in 2020, it’s already looking like an eventful year for sterling. For more details on key events coming up for the pound, euro and dollar in 2020, be sure to download Smart Currency Business’s upcoming Quarterly Forecast, which will be released mid-January.
A trade war is unlikely to turn into a currency war, and the yuan’s exchange rate against the dollar should stabilize and be slightly lower than it was before the trade war. However, this situation is not what the United States wants to see, and how it will develop still needs to be observed to further respond to the depreciation of the RMB.
Facebook recently announced a “blockchain powered currency” called Libra which appears to be a potentially game changing development in payments. Although there is scepticism and uncertainty, Facebook’s Libra initiative is something to be encouraged and applauded. With the caveat that FB needs to be watched very carefully as it has over the years proclaimed in its various mission statements that it wants to “move fast, break things, build things and add stable infrastructure”.
The world’s largest exporter, China is set to grow with its huge Belt and Road Initiative (BRI) over the next few years. TFG heard from Lantana Tech’s CEO, Derek Lee, on some of the challenges and opportunities within this market.
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