Market Update
- Posted by currencies in Bank of England, coronavirus, UK, Uncategorised
- May 21, 2020
- No Comments
Sterling edged up against the U.S. dollar but fell versus the euro as clouds lingered over the pound after UK inflation fell below 1% to its lowest in nearly four years.
The drop in inflation fuelled speculation that the Bank of England (BoE) would cut interest rates below zero to bolster an economy hammered by the coronavirus pandemic.
Britain’s system for tracing those with the coronavirus was under fire today as it grappled with the development of a tracking app and health workers warned the government that unless there was clarity it could suffer a second deadly wave.
Prime Minister Boris Johnson said on Wednesday a “world-beating” programme to test and trace those suspected of having been in contact with people who have tested positive for COVID-19 would be in place by June 1.
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