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As election results from the US continue to trickle in, the pound sterling lost more than 1% versus its US counterpart.

Election night is over, and against the polls projections, the results seem unclear at best.

Trump Wins Florida, Texas; Biden Flips Arizona; Trump Ahead in Michigan, Wisconsin Counts

The pound sterling remained relatively calm during London trade on Tuesday, neutral versus its European counterpart and higher against a softer greenback.

Uncertainty about the US elections together with the surge in coronavirus cases is weighing into the performance of the oil and stock markets, which are experiencing a lot of volatility.

Stocks Higher; RBA Cuts Interest Rate; U.S. Vote Begins

The Pound Sterling slipped close to a 4-week trough versus its US counterpart during London trade on Monday after the government announced another set of pandemic-related restrictions.

Stock futures were modestly higher on Monday despite concerns that new lockdowns in Europe and rising COVID-19 cases in the US could hinder global economic recovery.

Coronavirus Cases and Deaths Rise Strongly in U.S.A. and Europe; New Lockdown Announced in England

The Euro continues to come under pressure, especially against the greenback, after Thursday's announcement by the head of the European Central Bank

The safe haven greenback moved higher during the London trading session while higher risk currencies were subdued as a result of market players' worries about the resurgence of Coronavirus infections.

The Bank of Japan announced its decision to leave the cash rates unchanged, at -0.1 percent, a move which confirmed analyst expectations.

Coronavirus Cases and Deaths Rise Strongly in U.S.A. and Europe; New Lockdowns Announced; S&P 500 Falls Sharply

The FX market's demand for safe haven assets pushed the Pound Sterling lower against its US counterpart; for all intents and purposes, the US Dollar is still considered a safe haven currency.

The Reserve Bank of Australia's board member Ian Harper said recently that there is additional room for boosting bond purchases, adding that the bank still has the capacity to do so indefinitely if the governing board deems it appropriate.