As the end of the week arrives, the Dollar continues to emerge as the safe haven of choice for currency traders. During the early part of Friday’s session, the Dollar Index gained more than 0.3% as market sentiment remains gloomy. The latest developments in coronavirus drug trials haven’t been satisfactory and officials around the world reiterate that a vaccine won’t be ready for deployment for months, maybe as long as a year, meaning the global lockdown is likely to, in one form or other, remain in place for the foreseeable future, dragging economies down. Bleak prospects for the economy arising from the coronavirus fallout aren’t helped by the ongoing oil price crisis and by the lack of decisiveness within the European Union, which yesterday once again failed to demonstrate decisiveness in its will to support the hardest hit countries, further compounding the risk-aversion that prevails in the financial markets.
