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RationalFX : Sterling Stable After Lockdown Extension

RationalFX :  Sterling remained stable on Friday against the Dollar as the U.K. announced a further extension of three weeks due to the coronavirus……

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Foreign Secretary Dominic Raab said the UK could not risk the progress it had made in fighting the outbreak by easing up on restrictions at this “delicate and dangerous stage”. He also went onto say that there was no time frame on when restrictions will be lifted.

Britain are also due to exit the European Union at the end of this year but due to the current pandemic, talks have stalled and have taken a back seat. With the current health crisis, the economy has been severely damaged and there could be a possibility of an extension but a spokesman for the Prime Minster has ruled this out. By not asking for an extension to agree a trade deal, this will most likely have a negative impact on the pound as analysts are predicting. They believe that the U.K. will not have enough time to negotiate a trade deal that is favourable.

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Source : ETFWorld.co.uk

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