Like any other business, the forex market continues to be affected by the uncontrollable global pandemic. Different regions are hit hard by the third wave of the Covid-19, and some have not been able to recover from the initial phases of the virus yet. The economical aspects of the persisting pandemic are widespread and are not easy to handle. Although every country is facing troubles, the economy of the countries with fast-growing cases is more adversely affected than the others. Resultantly, their currencies are struggling with numbers, and hence, there is constant instability in the foreign exchange market as well.

The forex market is affected by even minor changes in the individual currencies and in times of such a global issue it has crippled up and down many times in the past month. Various economic experts have suggested mapping out plans and gathering more information for stabilizing the infrastructures of the lowering values to protect the global economy and financial markets. Forex brokers are playing a more decisive role for traders and investors, as their research skills and expertise come in handy to cautiously predict the market trends. Traders and investors can get more information for reliable brokers on different platforms over the internet.

The current fluctuations in the value of EURO and USD

Since the beginning of the third wave in March every country has moved towards imposing lockdowns and renewed security measures in the business timings and regulations to limit the spread and magnitude of the virus. Euro has not been performing so well on the market previously and March has been no different for it. It toiled under $1.175 on April 1st, as the forex experts linked this not so remarkable performance to the month-long lockdown in France and other European countries.

The vaccine campaign has not been ideal and the vaccination rate is not very efficient, therefore, the lockdown is persistent in France to keep the spread of the virus in check. The Pound has been performing well against a weaker dollar and other currencies as British vaccines continue to find their targets. The Pound was also ruled out as the best performing currency against the dollar last week due to this very reason. The US President is also expected to introduce plans this week to stabilize USD value to keep investors interested in its exchange. But nothing has been successful in winning back the investors’ trust.

Covid has made the forex market even riskier

Where we cannot predict what is going to be the next move of each particular currency, the not-so-steady past records have made investors and traders cautious in taking a step further. The forex market these days is basically determined by the provision of vaccines and positive steps taken in the war against Covid-19.

Furthermore, low numbers of employment opportunities have also been a factor in upsetting the market. The officials in the United States of America are also making efforts through President Biden’s strategy of 100-day, 100 million targets to elevate the level of the dollar against other currencies. Therefore, the next few weeks are crucial for the forex market, as new trends are set to be followed by the ever-fluctuating market.