A Strong Start to the Week for the Pound is Undone by a Slump

The Pound reached a 13 month high yesterday against the Euro as it continued to benefit from the latest news that the economy is going to continue to open from the 12th April. 

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Furthermore, the currency is also gaining traction from the ongoing vaccine programme which has now vaccinated over half of the population. Along with this, the International Monetary Fund also enhanced their forecasts yesterday, indicating that the UK economy is likely to grow at a faster rate than the US and the Eurozone. According to the Foreign Exchange Market, it finished the day at 1.1643 against the Euro and 1.3822 against the US Dollar.

With weaknesses in the Pound and the Dollar, the Euro strengthened yesterday, although there are still concerns surrounding the rollout of the coronavirus vaccine across Europe as well as growing case numbers. The latest PMI data for Germany beat expectations, showing a level of expansion that will help to give the currency a boost.

At the start of the week, the US Dollar weakened as a result of a drop in bond yields but it has strengthened slightly. The non-farm payrolls at the end of last week gave the Greenback a boost and investors will be looking for any indications of a less dovish tone from the Federal Reserve.

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