Sterling edges lower vs dollar on virus worries

sterling dollar virus worries versus
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Sterling edges lower vs dollar on virus worries

LONDON - Sterling edged lower on Wednesday and was set for its fifth consecutive daily decline versus the dollar amid rising numbers of COVID Delta variant cases in Britain and confusion around the lifting of restriction in England. The pound this week fell to its lowest point since February 4 of $1.3572 after Prime Minister Boris Johnson lifted most COVID-19 restrictions in England in what local media dubbed Freedom Day. The government said that while cases are rising, hospitalisations and deaths remained low. "Confusion on the removal of the lockdown measures remains a drag for the GBP in the near term," wrote UniCredit analysts. Sterling is down 0.2% versus the dollar at $1.3608 as it "is attempting to stabilise after what has been a poor week so far," said Jane Foley, Head of FX Strategy at Rabobank. Versus the euro, the pound is edging 0.1% higher, changing hands at 86.40, after sinking to a two-month low of 86.69 pence against the single currency in the previous day. Analysts said sterling will likely remain under pressure against the euro as Johnson's government would outline its approach on the Northern Ireland protocol of the Brexit agreement to Britain's parliament on Wednesday. Rules