In a recent update, NYC has closed schools and restaurants in several hotspots of the city, so if things weren’t bad enough more restaurants are about to be broken for good… Meanwhile, in the UK, documents have been leaked exposing the UK’s plan to a 3 tier lockdown process which would mean the complete closure of bars and pubs and a ban on all social contact outside of household groups.
It is clear to say that once the dust has settled from the Covid outbreak, some jobs will never come back again and some local places people used to enjoy attending may never be there again as the next 6 months of lockdowns guarantee bankruptcy and unemployment.
In the markets:
We are expecting a hard-hitting week with loads of central bank economic data, while our overall outlook for the dollar is weak and we see downside ahead we cannot ignore that there maybe one last push higher in the dollar that should allow foreign currencies like GBP and EUR to trade lower. Gold is still in a tight consolidation and we continue to see $3000 as a viable target but we will need the dollar to finally start breaking down again before this can proceed.