The Pound is sinking again. Overview for 24.03.2020

On Tuesday afternoon, GBPUSD is trying to correct but the Pound is looking laughably weak.

The British Pound is correcting against the USD on Tuesday. The current quote for the instrument is 1.1618.

At the moment, everything is against the British currency: the Brexit, the timing of which now seems terrible, quarantine restrictions, implementation of ultrasoft monetary policy, and a sharp decline of consumer demand. 

Today, when the BoE’s benchmark rate is reduced down to an extremely low value of 0.1% and the QE program is expanded, the country’s economy must receive more support. However, it turned out to be rather difficult: consumers are not very active because they do not know what to expect in the future, I mean their finance and the coronavirus outbreak consequences. 

Later in the evening, the Bank of England is scheduled to publish its previous monetary policy meeting minutes. However, the document will be significantly outdated because the entire world has dramatically changed over the past two weeks. 

Apart from this, the United Kingdom is going to report on the CBI Industrial Order Expectations in March, which is expected to show -38 points after being -18 point in February. Another report, the Services PMI, may drop from 53.2 points in February to 45.0 Points this month. Both readings are negative for the Pound.