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GBP Extends Losses

GBP had a mixed day Tuesday, extending losses against the USD to hit the lowest level since September 2019 after Trump oversaw a commitment to pledge $850 billion to support the economy in Payroll, Tax Cuts and extended support to the airline industry which has suffered hugely since the Coronavirus Outbreak.

Sterling recovered slightly late in Tuesday’s session with The UK pledging £330 billion of government backed loans and grants to support struggling businesses through this Coronavirus Outbreak.

After the Fed Reserve cut their interest rates for a 2nd time this month to 0%, speculation suggests new Bank Of England Governor Bailey could cut again with the UK on the verge of a fairly big economic hit of around 2.5% on GDP.

This week’s Brexit Trade negotiations have been cancelled due to the severity of the Outbreak in the last few days. However, there is still to be any talks of extending the December 31st deadline which would give both parties 9 months to agree to a Trade Deal, with only one round of talks completed so far.

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