Dollar Dips To Sterling – 28 May, 2020

A lack of progress in European union trade talks and the possibility of negative interest rates held the pound down, though it rose half a percent over the dollar which fell to a near two month low. Against the dollar, sterling was up as high as 0.6% to $1.2335 before settling up around 0.4% to $1.2314. Sterling was mostly flat against the euro at 89.75 pence.  Officials in Britain have warned that the economy may not recover for a few years after nearly half of businesses were forced to temporarily shut while the coronavirus spread. This news comes as the death toll in Britain rose above other European countries and looser lockdown measures are being discussed.