Pound battles back against euro

Pound battles back against euro

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Pound battles back against euro

Sterling has been putting in a resilient performance this week, recovering recent losses against the euro amidst increasing currency volatility related to the coronavirus pandemic. The pound has reached a two week high against the euro and Canadian dollar, a week high against the New Zealand dollar, and climbed to its highest level against the South African rand since June 2016.

A positive performance of late has seen sterling recover some of the month’s earlier losses, however obstacles still remain for the currency. Investors remain wary of the repercussions of the UK’s credit rating downgrading by Fitch over the weekend, while a fresh wave of risk aversion in favour of the dollar as US virus fears grow cannot be ruled out.

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