Pound Slides Amid Rising Risk Aversion On Coronavirus Fears
13 März 2020 - 4:19AM
RTTF2
The pound slipped against its most major counterparts in the
Asian session on Friday, as most Asian stock markets fell after
Wall Street suffered its biggest drop since the Black Monday crash
of 1987.
The market sell-off continued amid mounting fears that stimulus
packages will not be enough to avert a global recession following
the coronavirus outbreak.
The coronavirus outbreak has infected more than 125,000 people
around the world and killed more than 4,600, according to figures
from the World Health Organization.
Sophie Grégoire Trudeau, wife of Canadian Prime Minister Justin
Trudeau, has tested positive for the new coronavirus. A female
diplomat from the Philippines mission to the United Nations was
tested positive for the virus on Thursday.
Italy is effectively closed for business, while many countries
have urged schools and businesses to shut down.
The pound dropped to 0.8939 against the euro, its lowest since
October 10. The pound may locate support around the 0.92 level.
The pound weakened to a 7-month low of 1.1831 against the franc
from yesterday's closing value of 1.1860. The pound is poised to
challenge support around the 1.14 mark.
The pound edged down to 1.2508 against the greenback and held
steady thereafter. The next possible support for the pound is seen
around the 1.22 level.
In contrast, the pound recovered to 133.22 against the yen, from
a 5-month low of 131.22 hit at 9:15 pm ET. Next key resistance for
the pound is seen around the 135.00 level.
Data from the Ministry of Economy, Trade and Industry showed
that Japan's tertiary industry activity rose in January.
The tertiary industry activity index rose 0.8 percent
month-on-month in January. Economists had forecast 1.2 percent
increase.
Looking ahead, U.S. export and import prices for February and
University of Michigan's consumer sentiment index for March are
slated for release in the New York session.
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