U.S. markets open in 6 hours 42 minutes

Pound Soars, Shrugging of Mixed Economic Data, Tougher Lockdown Measures

By Yasin Ebrahim 

Investing.com – GBP/USD surged on Tuesday as traders shrugged off the U.K government's tougher lockdown measures, which will see swathes of the economy shut down for at least three weeks at a time when the services sector has been hit by the Covid-19 pandemic.

GBP/USD jumped 1.83% to $1.1759.

The surge in the pound comes amid mixed U.K economy data as services activity fell short, but manufacturing topped economists forecasts.

The move higher has also been helped by signs of slowdown in the death toll from the coronavirus in Italy, the epicenter of the outbreak in Europe.

Total cases in Italy rose to 9.6% to 69,176 from 63,927 a day earlier, but well below the double-digit surge reported recently.

Related Articles

How the U.S. could intervene to weaken its surging dollar

Dollar’s Worst Day in Four Years Looms After Market Stress Eases

Forex - Dollar Retreats After Fed Package; Sterling Strengthens