Home Business News Pound plummets to lowest level since 1985

Pound plummets to lowest level since 1985

by LLB Editor
19th Mar 20 2:16 pm

The pound fell further against the U.S. dollar and euro amid the coronavirus pandemic. The currency has now fallen to its lowest levels in more than three decades against the greenback.

The pound was last down 0.9%, changing hands just above $1.15.

Joel Kruger, Currency Strategist at LMAX Exchange Group said, “We believe longer term fundamentals continue to be supportive of the Pound despite the latest aggressive breakdown below 1.2000, with the more compelling balance of risk to the topside.

“Recent moves are more reflective of a panicked market. In our view, the more prudent course is to see how the currency responds on a monthly close basis.

“Ultimately, the Pound is a major currency that stands to benefit from a risk off backdrop where the other major currencies are fighting against appreciation.”

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