Pound Slides Amid Virus Worries

Date : 06/29/2020 @ 8:03AM
Source : RTTF2
Stock : Pound Sterling vs Japanese Yen (GBPJPY)
Quote : 134.3  0.152 (0.11%) @ 7:16AM
Sterling vs Yen share price Chart

Pound Slides Amid Virus Worries

Sterling vs Yen (FX:GBPJPY)
Forex Chart


From Jun 2020 to Jul 2020

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The pound fell against its major counterparts in the European trading session on Monday, as rising coronavirus cases in the U.S. and elsewhere raised fears about the re-imposition of lockdowns and other containment measures.

Global coronavirus cases exceeded 10 million on Sunday, while the worldwide tally of virus-linked deaths reached 499,124, according to a running tally by U.S.-based Johns Hopkins University.

The U.S. is the worst-hit country with over 2.5 million infections, while its death toll exceeds 125,500.

Resurgence in cases continued to batter states like Texas and Florida and some US states either delayed their reopening's or reimposed shutdown again.

Data from the Bank of England showed that UK mortgage approvals declined unexpectedly to a record low in May as coronavirus pandemic weighed on housing market activity.

The number of mortgage approvals for house purchase fell to a new series low of 9,273 in May. This was almost 90 percent below the February level and around a third of their trough during the financial crisis in 2008.

The pound dropped to 0.9149 against the euro, its weakest level since March 26. On the downside, 0.94 is possibly seen as the next support level for the pound.

The pound weakened to near a 5-week low of 1.2314 against the greenback and more than a 3-month low of 1.1641 against the franc, from Friday's closing values of 1.2329 and 1.1687, respectively. The next likely support for the pound is seen around 1.19 against the greenback and 1.14 against the franc.

The pound that finished Friday's trading at 132.20 against the yen edged lower to 132.04. If the pound falls further, 127.00 is likely seen as its next support level.

Looking ahead, at 8:00 am ET, German preliminary CPI for June is scheduled for release.

Canada building permits and U.S. pending home sales for May are set for release in the New York session.

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