The pound fell against the dollar on Tuesday as the U.S. currency gained strength due to its safe-haven properties amid the spread of the coronavirus.
Concerned by the number of growing COVID-19 cases in the United States, where the reported cases are nearly double those in China, investors bought the dollar against sterling and other major currencies considered riskier than the U.S. currency.
The pound traded 0.7% lower at $1.2330 It was weaker against the euro as well, trading down 0.1% at 88.99 pence.
The pressure on sterling came also from the fact that confidence among British companies slumped in the second week of March as the coronavirus crisis gathered pace, but before the government shut much of the economy to slow its spread, according to a survey published on Tuesday.
26 May 2020 11:15 AM
The yuan edged higher against the U.S. dollar on Tuesday as risk appetite improved
26 May 2020 10:46 AM
Gold ticked higher on Tuesday as brewing Sino-U.S. tensions over Hong Kong lifted demand for the safe-haven metal, though easing coronavirus-induced lockdown restrictions supported equities and capped bullion's gains.
26 May 2020 10:34 AM
The Indian rupee was at 75.71/75.72 to the dollar, against 75.95/75.96 in the previous session
26 May 2020 09:45 AM
Oil prices rose on Tuesday on clear signs that producers are sticking to commitments to cut crude supply as more cars get back on the road with coronavirus lockdowns easing around the world.
26 May 2020 09:17 AM
The dollar inched lower on Tuesday as growing optimism about a global recovery from the COVID-19 pandemic supported riskier currencies
26 May 2020 08:46 AM
The Indian rupee is expected to open higher against the dollar