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British pound on free fall

GBPUSD News by Newsroom on 14:08 March 13, 2020 EST

The pound trades at the end of the second week of March at 1.23 against the US dollar while just four days ago you could exchange your pound for 1.30.

The 5%+ drop in such short period of time comes amid the persistent Coronavirus threat while new diagnosed cases of the virus are rapidly increasing in the UK and after the announcement of the 2020 budget by the Chancellor of the Exchequer Rishi Sunak earlier this week.

The decline is clearly not not only due to the dollar sporting a new leg up as the dollar index shows, the pound is also losing ground against the Euro and this latest move seems like another attempt to reach parity with the single currency.