{"id":132654,"date":"2021-07-19T09:18:31","date_gmt":"2021-07-19T09:18:31","guid":{"rendered":"https:\/\/precoinnews.com\/?p=132654"},"modified":"2021-07-19T09:18:31","modified_gmt":"2021-07-19T09:18:31","slug":"british-pound-drops-as-investors-seek-safety-on-freedom-day","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/british-pound-drops-as-investors-seek-safety-on-freedom-day\/","title":{"rendered":"British pound drops as investors seek safety on "Freedom Day""},"content":{"rendered":"

LONDON (Reuters) – Britain\u2019s so-called Freedom Day saw the pound fall to a three-month low in early trading on Monday, as a cautious tone in global markets meant riskier currencies lost out in favour of the safe-haven dollar.<\/p>

FILE PHOTO: Wads of British Pound Sterling banknotes are stacked in piles at the Money Service Austria company’s headquarters in Vienna, Austria, November 16, 2017. REUTERS\/Leonhard Foeger\/File photo<\/figcaption>

Britain is facing a new wave of COVID-19 cases, but Prime Minister Boris Johnson is lifting most restrictions in England in what some have dubbed Freedom Day. Johnson has urged the public to remain cautious.<\/p>\n

Last week, the pound had its worst week in a month versus the dollar, and this downward turn continued on Monday with sterling hitting $1.37125 at 0710 GMT, its lowest since April 13.<\/p>\n

At 0732 GMT, cable was down 0.3% on the day at $1.372. Versus the euro, the pound was down 0.2% at 85.90 pence.<\/p>\n

Global markets showed signs of investors\u2019 risk-aversion, as stocks fell and safe-haven currencies gained. Analysts cited fears of inflation and concern about the Delta variant of the coronavirus as the main drivers behind the cautious turn. London\u2019s FTSE 100 was at a two-month low.<\/p>\n

\u201cThe world will be watching the U.K. experiment with huge interest,\u201d wrote Deutsche Bank strategist Jim Reid in a note to clients.<\/p>\n

\u201cIt could show a pathway back towards normality or it could be a warning to even heavily vaccinated countries that COVID will be a problem for a decent length of time still.\u201d<\/p>\n

Britain has the seventh highest death toll in the world and is forecast to soon have more new infections each day than it did at the height of the second wave of the pandemic. But it is ahead of its European peers in terms of vaccine rollout.<\/p>\n

Positioning data showed that speculators\u2019 net long position on the pound – bets that the pound will strengthen – was cut to its smallest since January 2021, in the week to July 13.<\/p>\n

Last week, two top Bank of England officials surprised investors by suggesting monetary policy might be tightened sooner than expected.<\/p>\n

For the week ahead, retail sales data and flash PMI surveys both on Friday, will be closely watched.<\/p>\n

A European Central Bank (ECB) meeting on Thursday is also in focus. Two weeks after unveiling its closely anticipated strategy review, the ECB will face questions on what its new 2% inflation target might mean for policy.<\/p>\n

ING strategists took a bearish stance on the pound, writing in a note to clients that, while euro-sterling would likely remain rangebound, \u201cthe downside risks to EUR\/USD stemming from the ECB July meeting this week suggests a lower GBP\/USD\u201d.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – Britain\u2019s so-called Freedom Day<\/p>\n","protected":false},"author":3,"featured_media":132653,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nBritish pound drops as investors seek safety on "Freedom Day" - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/british-pound-drops-as-investors-seek-safety-on-freedom-day\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"British pound drops as investors seek safety on "Freedom Day" - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – Britain\u2019s so-called Freedom Day\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/british-pound-drops-as-investors-seek-safety-on-freedom-day\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-19T09:18:31+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/07\/British-pound-drops-as-investors-seek-safety-on-Freedom-Day.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/british-pound-drops-as-investors-seek-safety-on-freedom-day\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/british-pound-drops-as-investors-seek-safety-on-freedom-day\/\",\"name\":\"British pound drops as investors seek safety on "Freedom Day" - 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