UK sovereign bonds also plummeted after the government announced a rescue package for businesses. FMTNews Pound
LONDON: The pound fell to its lowest level against the dollar in over three decades as the shocks caused by the coronavirus rippled through global markets.
“A combination of the safe-haven dollar bid, the global asset sell-off and liquidation of long positions from the election are all weighing on the pound,” said Neil Jones, head of foreign-exchange sales to financial institutions at Mizuho Bank Ltd. Alongside the pound, UK sovereign bonds plummeted after the government announced a rescue package for businesses in an attempt to stop the coronavirus wrecking the domestic economy.
“A new BOE governor only three days into the job whose monetary policy views are still largely unknown will also cause some nervousness.”
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