The Pound Sterling edged lower against the US Dollar as the numbers of deaths from the Coronavirus increased in the UK. The lockdown is unlikely to be lifted anytime soon said that Cabinet Office Minister who pointed out that the rising death toll was deeply worrying. All told, more than 16,000 individuals have perished from complications related to COVID-19, with 596 reported during the Sunday update, slightly lower than in past days but health officials say it does not account for deaths outside of the major cities. The outcome of the lockdown in Britain has led to a freeze in all economic activity, similar to what is happening in most other nations. The retail consortium in the UK reported that 83% fewer people are venturing out to do grocery shopping for fear of contracting the disease.
As of 11:01 am in London, the GBP/USD was trading lower at $1.2474, a loss of 0.2639% and off the session trough of $1.24338. The EUR/GBP is up at 0.8720 Pence, a gain of 0.314%; the pair has ranged from a session low of 0.86822 Pence to a peak of 0.87376 Pence.
BoE Members to Discuss Efforts to Minimize Pain
Market players will be hearing from key members of the Bank of England who will speak later today about the central bank's efforts in tandem with the British government to ensure some stability in the economy and the ensuing recession. From a fiscal and monetary standpoint, all efforts have been made to keep the economy in the UK afloat. Rishi Sunak, the Finance Minister, has launched a new scheme effective today intended to protect innovative and fast-growing companies from the pandemic's fallout.