SHANGHAI, Dec 29 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.

The dollar largely shrugged off President Donald Trump’s decision to relent on a threat to block a Covid-19 aid bill in thin trading on Monday with many investors on holiday.

The pound hovered below a 2-1/2-year high in the Asian session following the agreement last week of a narrow Brexit trade deal that does not cover Britain’s financial sector.

Trump signed into law the $2.3 trillion pandemic aid and spending package, averting a partial federal government shutdown that would have started Tuesday.

Earlier he had cryptically tweeted, “Good news on Covid Relief Bill. Information to follow!” He had previously demanded an increase in stimulus checks for struggling Americans to $2,000 from $600.

While last week’s Brexit deal came as a relief to investors, the bare-bones nature of the pact leaves Britain far more detached from the EU, analysts say, suggesting the discount that has dogged UK assets since 2016 will not vanish soon.

Brussels has made no decision yet on whether to grant Britain access to the bloc’s financial market.

Overnight on Wall Street, the Dow Jones Industrial Average gained 0.7% to close at 30,403.97. The S&P 500 rose 0.9% to finish its trading day at 3,735.36 while the Nasdaq Composite closed 0.7% higher at 12,899.42.

The gains stateside came after U.S. President Donald Trump signed a $900 billion coronavirus relief package into law, with the measure including a direct payment of $600 to most Americans. Trump had previously demanded a $2,000 direct payment days before the signing. The House voted Monday to increase the second round of federal direct payments to $2,000, leaving it up to the GOP-controlled Senate.

The number of coronavirus cases keeps rising in the U.S., however, casting doubt over the economic recovery heading into the new year. Over the past week, at least 184,000 new infections have been reported in the U.S. per day, according to an analysis of Johns Hopkins University data.

“Vaccine distribution has now officially begun … yet the pandemic has reached concerning levels on multiple fronts,” wrote Jason Pride, CIO of private wealth at Glenmede.

“The viral resurgence has induced lockdown measures throughout the country, stunting economic reopening efforts. If the viral spread is not brought under control by year-end, it will likely be a key initiative to do so in early 2021 before a vaccine has become widely distributed,” Pride added.

Oil declined on Monday, after earlier rising to $52 a barrel, as optimism over the U.S. stimulus package and the start of a European vaccination campaign was counteracted by weak demand and the prospect of higher OPEC+ output.

Gold prices rose as much as 1.3% on Monday, as the U.S. dollar slipped after the U.S. President Donald Trump signed a long-awaited pandemic aid bill, while liquidity remained low on account of the holiday season.

Spot gold gained 0.03% to $1,876.51 per ounce, after earlier hitting its highest since Dec. 21 at $1,900.04. U.S. gold futures were down 0.2% to $1,880.40.