Pound Appreciates As Virus Spread Slows
06 Abril 2020 - 05:14AM
RTTF2
The pound strengthened against its major counterparts in the
European session on Monday, as investors cheered news of a slowdown
in coronavirus deaths across Europe.
While Italy reported the fewest deaths in more than two weeks,
France's daily death count from the novel coronavirus dropped in
the past 24 hours and admissions into intensive care also slowed.
Elsewhere in Spain, the death rate fell for the third straight
day.
In the United States, President Donald Trump warned the country
could be headed into its "toughest" weeks, but expressed hope the
country was seeing a "levelling off" of the virus crisis.
News that UK Prime Minister Boris Johnson has been admitted to
hospital has sent the Pound lower at the beginning of the new
week.
The recovery came after housing minister Robert Jenrick said
Johnson was fine and was expected to be back at 10 Downing Street
soon.
Survey data from IHS Markit and Chartered Institute of
Procurement & Supply showed that the UK construction sector
contracted at the steepest rate since April 2009 reflecting the
impact of the COVID-19 pandemic.
The construction Purchasing Managers' Index dropped to 39.3 in
March from 52.6 in February. A score below 50 indicates
contraction. The expected reading was 44.0.
The pound rose to 1.2327 against the greenback, after falling to
1.2210 at 8:00 pm ET. Immediate resistance for the pound is
possibly seen around the 1.27 level.
The pound strengthened to a 6-day high of 134.53 against the
yen, from a 4-day low of 132.53 hit at 5:15 pm ET. The pound is
likely to challenge resistance around the 140.00 region.
Reversing from its early 5-day low of 1.1928 against the franc
and a 4-day low of 0.8855 against the euro, the pound drifted
higher to 1.2045 and 0.8765, respectively. The pound may seek
resistance around 1.25 against the franc and 0.84 against the
euro.
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