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Pound sinks to 2-week lows on fears of 2nd virus wave, Brexit meeting eyed

Published : Tuesday, 16 June, 2020 at 12:00 AM  Count : 169

LONDON, June 15: Sterling sank against the dollar and euro on Monday as fears of a second wave of coronavirus hit risk sentiment and global markets, with investors also nervous ahead of a key meeting on Brexit negotiations.
A fresh coronavirus outbreak in China and rising infection numbers in the United States - even as major economies have begun lifting lockdowns - put financial markets on the backfoot at the start of the week, with selling of stocks and risk currencies across the board.
The pound also took a beating, falling for a third straight session, and down 0.3per cent against the dollar at $1.2501 by 0751 GMT. In Asian tradnig hours earlier, it fell as low as $1.2455 - its lowest since June 1.
It also fell 0.2per cent to the euro, at 81.91 pence.
"The pound remains highly sensitive to changes in the external risk environment and is likely to continue trading on a corrective path lower in line with cross-asset markets," said Viraj Patel, FX and global macro strategist at Arkera.    -Reuters










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