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Sterling Extends Fall to 20-Day Low versus Euro


Tuesday, 12 May 2020 23:05 WIB

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Sterling extended Monday's losses on Tuesday, hitting a 20-day low versus the euro, as continued confusion over government plans to ease lockdown measures, the worst COVID-19 death toll in Europe and revived Brexit risks all weighed on the pound.

Britain extended its job retention scheme, in which the government pays 80% of furloughed workers' wages, by another four months until the end of October.

The announcement did little to move the pound, which is the worst-performing G10 currency so far this month, held down by concerns about the government’s handling of the crisis.

The pound extended Monday's losses against both the dollar and the euro. Versus the dollar, it was last at $1.2314, down 0.2% from New York's close. Against a stronger euro, the pound fell to its lowest since April 22 and was last down around 0.7% at 88.228 pence.

Source : Reuters


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