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Forex News: Pound Lower On Concerns Over Coronavirus Spread

Pound Lower On Concerns Over Coronavirus Spread

02/27/2020 - 08:10:00 (RTTNews)

(RTTNews) - The pound lost ground against its major counterparts in the European session on Thursday, as the sell-off in European markets intensified following the spread of the coronavirus outside China, raising concerns of a pandemic.

Two more patients tested positive for coronavirus in the U.K., taking total number of cases to 15.

Italy reported 100 new infections, with total cases soaring above 400.

South Korean health authorities confirmed 171 new cases of coronavirus. The total number of infections reached 1,766.

One new coronavirus case was reported in Valencia, Spain while one death confirmed in Paris, France.

Investors worry that the spread of the coronavirus could dent global growth.

Data from the Society of Motor Manufacturers and Traders showed that UK car production declined for the fifth consecutive month in January as an increase in output for exports failed to offset the sharp decrease in domestic demand.

Car production fell 2.1 percent in January from the last year. Production has now fallen in 19 of the last 20 months.

The pound slipped to a weekly low of 1.2860 against the dollar, from a high of 1.2946 seen at 3:30 am ET. The pound may locate support around the 1.27 level.

Reversing from a high of 1.2608 set at 6:15 pm ET, the pound declined to a 4-1/2-month low of 1.2487 against the franc. The next likely support for the pound is seen around the 1.23 level.

The pound depreciated to more than a 3-week low of 0.8511 against the euro, after rising to 0.8427 at 5:15 pm ET. Should the pound slides further, 0.88 is likely seen as its next support level.

Survey results from the European Commission showed that Eurozone economic confidence strengthened to a nine-month high in February.

Rising for the fourth straight month, the economic sentiment index came in at 103.5 in February, versus a revised 102.6 in January. Economists had forecast the reading to fall to 102.6 from January's initial estimate of 102.8.

Extending slide, the U.K. currency fell to 141.44 against the yen. That was the weakest since February 10. Immediate support for the pound is possibly seen around the 139.00 level.

Looking ahead, U.S. GDP data for the fourth quarter, weekly jobless claims for the week ended February 22, durable goods orders and pending home sales for January are scheduled for release in the New York session.

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