Ahead of the Bank of England Policy meeting, Sterling had come under some pressure and, as a result, was lower versus its European counterpart and the US Dollar.
Fears for the second wave of a coronavirus pandemic keep taking over the market sentiment, as several US states like California, Oklahoma, and Texas recently reported a spike in new infections, while China has reimposed certain restrictions in Beijing like restricting travel from overseas, given the increase of cases.
Weak economic data from Aus/NZ; Confirmed new coronavirus cases again close to all-time daily high
The Pound Sterling edged lower against its main rivals after the release of inflation data for May which showed personal inflation falling to a level not seen since June 2016.
The coronavirus pandemic continues advancing in certain U.S. states that recently decided to reopen, increasing the fears for a second wave of the virus.
U.S. retail sales up by almost 18%; Fatal Sino-Indian border clash; Confirmed new coronavirus cases at all-time daily high
After striking 2-week trough in yesterday's trading session, the Pound Sterling recovered ground against the greenback during Tuesday trade in London.
Yesterday, oil prices rebounded on the hope that production cuts will remain in place in light of a possible second wave of the coronavirus outbreak.
Stocks and risk assets recovery strongly; U.S. Federal Reserve announces it buy corporate bonds; North Korea threatens to send troops into DMZ
The Dubai Financial Services Authority (or DFSA) recently granted Pepperstone a license to operate in Dubai, which would let the broker provide its financial products to United Arab Emirates residents as well as to the residents of other Arab states of the Persian Gulf.
The Pound Sterling edged lower against both the US Dollar and Euro during London trade on Monday as concerns of a second Covid-19 wave weighed on risk sentiment.
China's factory output increased in May, for the second month in a row, showing the improving situation of the Chinese economy, though not complying with the analysts' expectations.
New wave of cases and hospitalizations sweeps parts of U.S.; Stocks fall & U.S. Dollar bid; Daily new coronavirus cases hit new all-time high Friday.
In Asian trade on Friday, the US Dollar is being pushed higher along with other safe haven currencies amid growing speculation that a swift recovery is unlikely for the global economy.
The Pound Sterling could not maintain momentum after its' days long winning streak against its US rival and European counterpart.