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Pound’s Swift Drop Wipes Out April Rally in Bleak Start to Month
It is only the start of May and the pound has already seen its entire April rally wiped out, just as established seasonal trends point to further declines. The British currency could be in for a particularly unforgiving time. May has been its worst month every year since 2010 with an average decline of 2.3% against the dollar, according to analysts at Bank of America Securities. That adds to headwinds for a currency already contending with the economic shock from the pandemic as well as drawn-out Brexit uncertainty. “The negative seasonality appears to have intensified in recent years, with 2018 and 2019 posting ... (full story)