Sterling falls against firm dollar on coronavirus fears

The British pound fell against most major currencies on Wednesday, especially the US dollar, as the latter rallied today.

The coronavirus crisis continues to cast its shadow over the global scene, as infections and deaths continue to rise.

The US Federal Reserve decided today to hold the interest rate unchanged between zero and 0.25%, and also kept the size of its monthly bond purchases program at $120 billion, and stated that the pace of recovery in economic activity has moderated in recent months.

On the other hand, BoE President Andrew Bailey stressed that the impact of the Covid-19 pandemic on the British economy have begun to recede and there are signs on that, adding that the economy is coping with the lockdown measures.

As of 20:31 GMT, GBP/USD fell 0.3% to 1.3690, after hitting a high of 1.3760, and a low of 1.3659.