Sterling Slides Amid Surge in UK Coronavirus Cases, Retail Sales Miss

The British pound entered a sixth consecutive day of losses against its US counterpart in early trading on Friday. A disappointing retail sales report, dampened optimism over recovery from the Covid-19 pandemic and broad strength in the US dollar after the Federal Reserve policy shift combined to pressure sterling to it’s lowest levels since May 6th.

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Sterling Extends Gains on Johnson Plan

GBP/USD rose to fresh multi-year highs in early trading on Tuesday, amid optimism over Prime Minister Boris Johnson’s four-step plan to end UK lockdown restrictions by June 21st. The announcement was made in a speech to parliament on Monday, and followed up by televised press conference in the evening.

Sterling Bulls Eye 1.40 Amid Vaccine Optimism

GBP/USD rallied sharply in early trading on Monday to its highest levels since April of 2018, reaching above $1.39 and drawing closer to the major psychological level of $1.40. The pair was boosted by a weaker US dollar and optimism over a faster than expected UK economic recovery from the damage caused by the Coronavirus … Read more