24/03/2020

Pound falls again sharply


GBP

The pound fell sharply again on Monday as investors dumped currencies they consider riskier to own amid the coronavirus pandemic. Sterling has been under pressure because of a massive wave of selling most currencies other than the dollar, which is the world’s most liquid currency and the safe haven of choice when confidence evaporates from financial markets.

Sterling has also been hit by investor concerns that Britain’s approach to dealing with the virus, which has seen a more staggered disruption to economic and everyday life than in other countries, is not the right one. However, some analysts have been impressed by the British policy response to the crisis, but say sterling has not benefited. The Bank of England has slashed interest rates to record lows, ramped up its quantitative easing programme and the government announced significant fiscal stimulus.

Key Announcements

09:30 – GBP: CPI (Consumer pricing index) is forecast to fall to 1.6%.


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