GBP/USD at 6–month low as coronavirus fears grow
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GBP/USD at 6–month low as coronavirus fears grow
1 minute readSterling has sunk further against the US dollar as concerns continue to grow over the health of the UK economy amidst the spread of Covid-19. With the US announcing a huge stimulus package to counter the impact, investors are favouring the dollar with GBP/USD sinking to a 6-month low.
Expectations are building over the Bank of England next week announcing quantitative easing as means of supporting the UK economy. With new BoE Governor Andrew Bailey this week pledging ‘prompt action again’, investors are anticipating a further interest rate cut and QE in the coming weeks. The US’s announcement of a $700bn stimulus package and rate cut to 0-0.25% yesterday seems to have gone further to encourage faith in the dollar from investors, sowing more seeds of doubt over sterling.
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