Pound fluctuates as Boris Johnson admitted to intensive care.
The US dollar struggled against the majority of its rivals on Monday as the coronavirus death toll in Europe began to slow, boosting risk sentiment. The US dollar has extended losses this morning as China reported no new fatalities for the first time since the crisis began.
The pound, meanwhile, fluctuated overnight as PM Boris Johnson was admitted to intensive care.
Sterling is putting on a mixed performance this morning, with GBP/EUR edging up to €1.1346 and GBP/USD surging 0.8% to $1.2328. However, GBP/AUD has slipped to AU$1.9937 while GBP/CAD and GBP/NZD remain flat at CA$1.7287 and NZ$2.0539 respectively.
Looking ahead, the coronavirus pandemic will remain the main catalyst for market movement
What’s been happening?
The pound came under a little pressure at the start of the week as the UK’s Gfk consumer confidence measure showed a huge decline in sentiment.
Sterling later extended those losses after PM Boris Johnson was admitted into intensive care due to persistent coronavirus symptoms.
Foreign Secretary Raab is deputising for the PM, but investors remain concerned about the uncertainty the situation creates.
The US dollar, meanwhile, was driven lower against its rivals as risk appetite returned to the currency market.
What’s coming up?
Covid-19 is going to remain in focus for investors once again this week and continue driving movement in the currency market.
If the number of Covid-19 deaths across the globe continue to slow over the course of the week the current demand for higher-risk currencies could continue.
In Europe investors will be focusing on the Eurogroup meeting of finance ministers to decide on a European response to the economic impact of the coronavirus.
Signs of discord could send the euro lower.
We’re here to talk currency whenever you need us, so get in touch if you want to know more about the latest news or how it could impact your currency transfers.
CLICK HERE TO FIND OUT MORE
Selling Your Property in France?
One key benefit for those who are selling and moving away from France is that Currencies Direct holds a euro account here in France. This makes life so much easier for anyone selling! You register with Currencies Direct, receive your CD account number and the RIB for their Paris based Euro account, which you pass on to your Notaire as your instruction for onforwarding of sale proceeds.
Currencies Direct receive the euros, convert at the agreed exchange rate and forward on to their destination bank account – wherever they are in the world. Simple, easy and very efficient…
Currencies Direct cite the example of a lady who has recently moved back to the UK – her funds are stuck in her French bank account who are insisting that she visits the branch in person to close her account but she is unwell and unable to travel.
