Forex

Pound Sterling May Lose its Ground Amid COVID Scare

Pound-Sterling-May-Lose-its-Ground-Amid-COVID-Scare

A poll by a reputed agency showed on Friday that Pound Sterling would lose its recent advantages against a weaker US dollar by the end of the year. The fears enveloping coronavirus pandemic and Brexit uncertainty would take a toll on the currency’s prospects.

Interestingly, on Tuesday the British currency (GBP) peaked an eight-month high against the greenback (beyond $1.34). But it skidded soon after the policymakers of Bank of England gave warning that the economy could suffer more damage than the anticipated norms.

Notably, the UK has witnessed more deaths than any other country in the world due to the dreadful pandemic in Europe. Also, the imposition of lockdown measures further curtailed the economy by a whopping 20.4 per cent in the last quarter.

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