LONDON (UK) – During early London trade on Friday, the pound eased slightly. It is set for the biggest weekly fall against the greenback in a month. This comes amid uncertainty over the British economy, Brexit discussions and the massive coronavirus death toll.
Once again the pound has become the worst performing G10 currency this week. Weaker economic data had raised concerns over the chances of the Bank of England introducing negative interest rates.
“The pound has had a slightly more negative week over concern that weaker data will prompt further action on the rates front from the Bank of England at its September meeting,” said Michael Hewson, chief market analyst at CMC Markets UK.
According to the government’s chief scientific advisor, the UK had not got a good outcome in dealing with the pandemic, adding that mistakes had been made.
At 0810 GMT pound was at $1.2542, down 0.7% on the week and set for its biggest weekly fall in a month.
(Photos syndicated via Reuters)
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