Brexit Optimism Impacts GBP/EUR Rate

The Pound moved slightly higher on Tuesday as further Brexit optimism helped to give it a slight boost. Despite this, retailers reported that sales were down this month, which put them at a level not seen since June which resulted in the gains being dampened somewhat. However, the currency finished the day at 1.106 against the Euro and 1.3031 against the US Dollar according to the Foreign Exchange Market. There are many factors that could weigh heavily on the Pound which includes further Brexit concerns and coronavirus cases that could see the UK placed in a second lockdown.

The Euro had a slow start on Tuesday after coronavirus cases continued to spiral out of control across Europe. It’s looking likely that other countries are going to impose tougher restrictions although a pullback in the US Dollar helped the single currency to avoid any losses.

There were small losses for the US Dollar as equity markets experienced a rebound which slowed down the appeal for the greenback. However, there was further pressure placed on the currency as a result of the latest US durable goods orders figures were better than expected. This has set the US Dollar up in a good position leading into the remaining half of the week.

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