Pound Currency Rises Apparently Wait for Rishi Sunak's Speech

 The pound sterling showed a rise before falling again at the start of the European session ahead of UK Finance Minister Rishi Sunak's speech which is expected to launch a new stimulus move today.

Investors are now expecting more stimulus measures to be introduced by Rishi Sunak in response to the coronavirus which is once again disrupting Britain's economy.

Meanwhile, investors are also turning their attention to the Governor of the Bank of England (BOE), Andrew Bailey tonight to get more clues on the central bank's intention to implement negative interest rates.

Pound trading recorded 0.1% trading around the price level of 1.2733. However, it again showed a depreciation against the US dollar which continued to maintain its strength against the major currencies.

The currency previously fell to a two-month low of $ 1.2676 during Wednesday's trading session.

Increased confidence to see the European Union (EU) and Britain reach a Brexit trade agreement however failed to continue to support pound price hikes following concerns over the impact of Covid-19 on the country's economy.

The prospect of recovery changed bleak as data showed a slowdown in the growth of the manufacturing and services sectors in the UK.