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Weekly roundup: Pound undermined by coronavirus fears

currency-newsWeekly roundup: Pound undermined by coronavirus fears
The pound initially nosedived at the start of last week, with the currency falling to new multi-month lows as an alarming surge in UK coronavirus cases overshadowed England's long-awaited ‘freedom day’.

A number of health experts questioned the government’s decision to lift all remaining restrictions in England, warning that some measures might need to be reimposed in the future as the rapid rise in infections could still overwhelm hospitals.

However, the Sterling selloff may have been a little overdone, with the pound quick to rebound from its worst levels as GBP bulls sought to pick up a bargain.

This upside in Sterling largely remained in place through the latter half of the week, although some lacklustre PMI figures from the UK tempered these gains on Friday.

So far this week we have seen the pound trend broadly higher as the UK reports six consecutive days in which new infections have fallen.

But with the 19 July reopening yet to feed through into the data, many experts are warning that this downtrend in infections is unlikely to last, an outcome which could see the pound begin to relinquish some ground later in the session.
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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