Pound Resumes Rally as Traders Continue to Digest Covid-19 Pandemic

Forex
© Reuters.  © Reuters.

By Yasin Ebrahim 

Investing.com – The pound cut losses to resume its rally against the dollar on Wednesday as investors continued to digest the impact of U.K. government’s measures to contain the Covid-19 pandemic.

rose 0.96% to $ 1.1869, after swinging between gains and losses between $ 1.1640 and $ 1.1974.

The wild swings in the pound have been driven by expectations over the potential severity of the coronavirus outbreak, which has killed about 437 in the country so far, and more than 20,000 globally.

The Covid-19 pandemic overshadowed a raft of positive data, including better-than-expected data.

The rally in cable was also helped by a plunge in the dollar, which has remained offered following the Federal Reserve move to expand its quantitative easing program to avert a financial crisis in markets.

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