A New GBP/USD Exchange Rate High Could Be Close

Through trading on Thursday, the Pound gathered momentum as the Pound to US Dollar exchange rate managed to gain back some of its losses. A lack of Brexit progress didn’t hold investors back as they were bullish in their actions towards the currency. As a result, the Pound finished the day at 1.1141 against the Euro and 1.3219 against the US Dollar according to the Foreign Exchange market. Improving retail sales figures and expansion in UK business activity are both helping to bolster the Pound through trading today.

The Eurozone is likely to see the Pandemic Emergency Purchase Programme spent by the time 2020 comes to an end according to the European Central Bank’s minutes from its recent policy meeting. This meant that the Euro found itself lacking any support during trading on Thursday. However, there is a glimmer of hope today as the latest PMI figures could indicate further improvements in economic activity.

Further gains were made by the US Dollar yesterday as investors continued to take advantage of the safe-haven currency. This was partly down to the fact that initial jobless claims had increased again. Despite this, the Pound to US Dollar did recover by the time the session ended on Thursday.

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