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Forex News: Pound Slides On Coronavirus, U.S.-China Worries

Pound Slides On Coronavirus, U.S.-China Worries

07/22/2020 - 06:26:00 (RTTNews)

(RTTNews) - The pound depreciated against its major opponents in the European session on Wednesday, as coronavirus concerns re-emerged after U.S. President Donald Trump warned that the outbreak will probably "get worse before it gets better."

The death toll from coronavirus in the U.S. exceeded 1,000 on Tuesday, according to a data from Johns Hopkins University.

More than 65,000 new covid-19 cases has been recorded, adding to a nationwide tally of more than 3,874,000 since the pandemic began.

U.S.-China tensions intensified after the Trump administration ordered China to close its Consulate General in Houston.

China said that the move was unilaterally initiated by the U.S. and it would "react with firm countermeasures" if Washington didn't "revoke this erroneous decision."

The pound weakened to a 2-day low of 1.2644 against the greenback, compared to yesterday's closing value of 1.2731. On the downside, 1.25 is possibly seen as the next support level for the pound.

The pound reached as low as 135.28 against the yen, marking a 2-day low. The pair ended Tuesday's trading at 135.96. The pound is seen finding support around the 132.00 level.

The latest survey from Jibun Bank showed that the manufacturing sector in Japan continued to contract in July, albeit at a slightly slower pace, with a manufacturing PMI score of 42.6.

That's up from 40.1 in June, although it remains well beneath the boom-or-bust line of 50 that separates expansion from contraction.

The pound fell to a 2-day low of 1.1807 against the franc, down from Tuesday's closing value of 1.1878. The pound may test support around the 1.16 level, if it drops again.

Reversing from an early high of 0.9047, the pound declined to a 2-day low of 0.9118 against the euro. The currency is likely to target support around the 0.92 level.

Looking ahead, Canada CPI for June, U.S. existing home sales for the same month and FHFA's home price index for May are scheduled for release in the New York session.

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