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January 25, 2021 - Written by John Cameron
US Dollar (USD) Supported by US Stimulus Concerns
After initially falling through today’s Asian session, the safe-haven US Dollar (USD) was able to claw back its losses against the Pound (GBP) during the European trading session amidst a souring of market sentiment.
This comes in response to growing concern about Joe Biden’s ability to push his ambitious $1.9 trillion stimulus package through Congress.
Hopes for the stimulus package had underpinned the USD selling bias which dominated last week’s session.
But recent reports suggest that Biden might face an uphill battle in passing the package due to his narrow majority in the Senate, particularly as he faces pushback from Senators on both sides of aisle due to some of the measures included in the stimulus bill, such as a minimum wage increase.
The conference brought together the UK and African business and government leaders to discuss investment and partnership opportunities.
Four critical sectors were spotlighted as follows: sustainable infrastructure, renewable energy, financial and professional services, and agriculture and agri-tech.
Adesina said: “Africa still possesses the same fundamentals that had driven the continent’s phenomenal growth over the past decade.
“The fundamentals in those phenomenal growth rates in Africa are still there… Africa still leads in terms of ease of doing business…It’s very exciting, the digital explosion that you see in Africa today.”
According to Boris Johnson, UK Prime Minister, “many things have changed since last year, there is one thing I can tell you that has not changed: that is my ambition for the UK to be Africa’s investment partner.”