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Forex News: Pound Slides Amid Rising Risk Aversion On Coronavirus

Pound Slides Amid Rising Risk Aversion On Coronavirus Fears

03/13/2020 - 03:19:00 (RTTNews)

(RTTNews) - The pound slipped against its most major counterparts in the Asian session on Friday, as most Asian stock markets fell after Wall Street suffered its biggest drop since the Black Monday crash of 1987.

The market sell-off continued amid mounting fears that stimulus packages will not be enough to avert a global recession following the coronavirus outbreak.

The coronavirus outbreak has infected more than 125,000 people around the world and killed more than 4,600, according to figures from the World Health Organization.

Sophie Grégoire Trudeau, wife of Canadian Prime Minister Justin Trudeau, has tested positive for the new coronavirus. A female diplomat from the Philippines mission to the United Nations was tested positive for the virus on Thursday.

Italy is effectively closed for business, while many countries have urged schools and businesses to shut down.

The pound dropped to 0.8939 against the euro, its lowest since October 10. The pound may locate support around the 0.92 level.

The pound weakened to a 7-month low of 1.1831 against the franc from yesterday's closing value of 1.1860. The pound is poised to challenge support around the 1.14 mark.

The pound edged down to 1.2508 against the greenback and held steady thereafter. The next possible support for the pound is seen around the 1.22 level.

In contrast, the pound recovered to 133.22 against the yen, from a 5-month low of 131.22 hit at 9:15 pm ET. Next key resistance for the pound is seen around the 135.00 level.

Data from the Ministry of Economy, Trade and Industry showed that Japan's tertiary industry activity rose in January.

The tertiary industry activity index rose 0.8 percent month-on-month in January. Economists had forecast 1.2 percent increase.

Looking ahead, U.S. export and import prices for February and University of Michigan's consumer sentiment index for March are slated for release in the New York session.

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