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Forex News: Pound Drops On Virus Worries

Pound Drops On Virus Worries

03/16/2020 - 07:22:00 (RTTNews)

(RTTNews) - The pound declined against its major counterparts in the European session on Monday, as coordinated stimulus actions by global central banks failed to ease fears over the impact of the Covid-19 on economy.

Sentiment deteriorated as the number of Italian COVID-19 cases surged and the U.S. expanded a travel ban to the U.K. and Ireland.

The U.K. government is facing growing calls to take more drastic measures as thirty-five people died after testing positive for coronavirus in the country.

Markets were also reacting to the shutdown of Europe to contain the spread of the coronavirus.

In economic releases, U.K. house prices rose to a record in March, data from property website Rightmove showed.

House prices increased 3.5 percent on a yearly basis to GBP 312,625 in March. This was the highest growth since December 2016. On a monthly basis, house prices gained 1 percent in March.

The pound declined to more than a 5-month low of 1.2259 against the greenback from last week's closing value of 1.2277. The pound is poised to challenge support around the 1.21 mark.

The pound depreciated to 1.1553 against the franc, its lowest level since August 2011. Should the pound falls further, it is likely to test support around the 1.15 region.

Data from the Federal Statistical Office showed that Switzerland's producer and import prices declined in February.

The producer and import prices fell 2.1 percent year-on-year in February.

The pound touched a 6-1/2-month low of 0.9133 versus the euro, compared to last week's closing value of 0.9036. The next possible support for the pound is seen around the 0.92 level.

The pound extended slide to a 6-1/2-month low of 129.80 versus the yen from last week's closing quote of 132.59. The pound may locate support around the 128.00 level.

The Bank of Japan enhanced its massive monetary policy easing, in addition to coordinated measures with other leading central banks, to tackle the financial market downturn caused by the concerns over coronavirus outbreak.

The policy board has decided to loosen the monetary policy through conducting various operations including purchases of Japanese government bonds and the US dollar funds-supplying operations.

Looking ahead, New York Fed's empire manufacturing survey for March and Canada existing home sales for February are due out in the New York session.

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