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Grim Data Keeps Euro, Sterling Under Pressure


Tuesday, 30 June 2020 19:08 WIB

EuropoundSterling,


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A fresh batch of grim economic data kept the euro and the pound under pressure on Tuesday as sentiment faltered amid fears new COVID-19 hot spots across the world might jeopardise the swift recovery from the pandemic investors are hoping for.

The common currency lost further ground against the dollar in morning trading after underlying price pressures dropped again in the euro zone, underscoring fears that consumer price growth will remain anaemic for years.

Separately, Britain's Office for National Statistics said the economy shrank by 2.2% between January and March, its worst performance since 1979, as households slashed their spending.

The euro fell as low as $1.1199, losing close to 0.4%, before picking up slightly towards midday. Sterling traded at $1.2280 after sliding to a one-month low of $1.2252 on Monday when concerns about how Britain's government would pay for its planned infrastructure programme added to worries about its ability to seal a trade pact with the European Union.

Source : Reuters


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