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Sterling Drops as British Firms Suffer Record Slump


Friday, 3 April 2020 23:26 WIB

poundSterling,Poundsterlingpoundeuro


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Sterling sank on Friday after data showed a record slump among Britain's services and manufacturing firms in late March as businesses and households paused activity to try to prevent the spread of the coronavirus.

Sterling was last down 1.5% at $1.2205, having fallen earlier to its weakest level since Tuesday at $1.2243. Against the euro, it fell 0.8% to 88.32 pence.

Kit Juckes, macro strategist at Societe Generale, said the decline in the pound on Friday was exacerbated by low market liquidity for the currency as those traders still working have concentrated their attention elsewhere.

Source : Reuters


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