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Forex News: Pound Drops As Coronavirus Fears Re-emerge

Pound Drops As Coronavirus Fears Re-emerge

05/11/2020 - 08:32:00 (RTTNews)

(RTTNews) - The pound slipped against its major counterparts in the European session on Monday, as optimism over the UK government's lockdown easing has faded and concerns emerged about the risks of a second wave of infections.

Coronavirus infections are growing in Germany, official data showed Sunday, few days after Chancellor Angela Merkel announced relaxations of social restrictions.

Northeast China and South Korea saw renewed outbreak of coronavirus, with Mainland China having reported 17 new cases on Sunday.

Prime Minister Boris Johnson on Sunday outlined a plan for reopening the economy in the coming months, allowing manufacturers and construction workers to return to work.

People will be permitted to spend unlimited time outdoors from Wednesday, visiting parks and beaches by adhering to social distancing guidelines.

The pound weakened to 1.1953 against the franc, its lowest level since April 22. The pound is seen facing support around the 1.15 level.

The pound edged down to 131.88 against the yen, from a weekly high of 133.19 hit at 2:45 am ET. The next possible support for the pound is seen around the 126.00 level.

Some Bank of Japan policymakers called for close coordination with government for policy formulation so as to avoid a Great Depression amid coronavirus pandemic, according to the Summary of Opinions at the Monetary Policy Meeting, held on April 27.

"Policy authorities must act decisively in order to avoid a second Great Depression," the summary said. "Close cooperation between fiscal and monetary authorities in terms of their policies is essential at the time of a significant economic crisis."

The pound dropped to a 4-day low of 1.2290 versus the greenback, from last week's closing value of 1.2401. Next immediate support for the pound is possibly seen around the 1.20 region.

The pound slipped to a weekly low of 0.8798 against the euro, after rising to a 5-high of 0.8706 at 5:00 pm ET. If the pound slides further, 0.89 is likely seen as its next support level.

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