COVID-19 and Forex

All markets were impacted
The world continues to look for ways to negotiate the disruptions caused by the COVID-19 pandemic.
Volatility in the financial markets increased as governments and central banks tried to combat the impact of the pandemic. Macro-economic data releases such as a decrease in interest rates or increases in unemployment resulted in increased trading opportunities as they caused the increased volatility.”
Cyclical stocks and markets were impacted according to whether their industry was positively or negatively affected by the pandemic. For example, sectors such as hospitality, which gain the majority of their business in the summer, lost huge portions of revenue as the pandemic spanned over one summer, and potentially two for some countries.
No matter what cycle a stock or market best performs in, all have been affected as the pandemic has lasted over a year.
Trade in Africa increased
Trade in Africa was stimulated as low transaction costs attracted African traders with a low capital basis. Furthermore, many African currencies stabilised and performed well against the US dollar, making them attractive to traders.
Forex grew in popularity
Although markets varied, some traders focused specifically on safe-haven currencies and commodities, which generated profits during the disruption. “Other traders leveraged opportunities, including the fluctuating demand for crude oil.