On Monday risk aversion weighed heavy of the British Pound, as global markets experienced their “worst day of the year so far”. This morning Cable trades at its lowest point since January and
Cables run of bad form continued yesterday as Monday proved to be another tough session. GBPUSD started the week at 1.3752 but came under significant selling pressures as market sentiment soured. The pair finally finished the day at 1.3670.
GBPEUR also fell victim to an aggressive sell off yesterday. The pair opened the day above 1.1650 at 1.1653, but depreciated rapidly, finishing the session at 1.1579.
EURUSD was almost unchanged yet again. With volatility almost void, the pair opened at 1.1801 and closed at 1.1806.
On the data front, once again it is a light schedule. From the US at 13:30 Building Permits MoM and Housing Starts MoM will be released at 13:30. With data releases scarce till Thursday, investors will be focusing on COVID-19 developments – meaning any news on the matter, good or bad, will dictate market performance.