As the new highly contagious virus spreads in England, states announce a flurry of entry bans and other restrictions against the UK, creating massive havoc in shipments (also) ahead of the Christmas holidays, and literally jumping forward in time without a Brexit deal – Writes Fast portfolio analysis.
Trade talks between the European Union and the United Kingdom did not end with a deal until midnight Sunday, so the European Parliament will not be able to ratify this year’s deal, as its chances of facing widespread disagreements diminish. According to an article in The Economic Gate, all of this caused a huge rally until Monday morning and the stock markets are also falling due to the significant economic impact of the British restrictions. The negative sentiment also weighed on the Forex in the first trading day of the week.
The pound also fell 2.5 percent in the morning to around 1.3170 against the dollar – the biggest overnight drop since March. The Hungarian forint has not been able to consolidate since the fall in the morning, although it is now trading around 360.7 compared to the 361.5 pounds that happened twice during the day (meaning a 0.8 percent drop in the forint).
