GBP gains on growing European Coronavirus fears

GBP gains on growing European Coronavirus fears

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Sterling has held on to gains versus the Euro after fears of a prolonged lockdown in Europe

Increasingly negative economic data out of the region has also put pressure on the Euro, while Sterling strengthened against a basket of major currencies, despite the downgrade of Britain’s credit rating by Fitch earlier in week.

Sterling has been buoyed by the Fed announcing billions of liquidity to stabilise the financial markets. With the UK economy so intrinsically tied to its financial services sector, sterling has seen some relief and gains.

The dollar is heading for weekly gains against almost all of the majors, despite appalling unemployment data, while commodity currencies such as the Aussie and New Zealand dollar struggle as markets are still unsure of the pandemic’s full economic impact.

 

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