Euro to US Dollar Rate Plummets to Three Month Low

At the end of last week, there was very little guidance in terms of direction for the Pound. Coronavirus still leads the way and the mixed news of a drop in cases proved positive although the rate of decrease is slowing and that caused concerns for investors.

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The hope is that the economy will begin to re-open soon and the vaccination programme is still boosting hopes for investors. As the week ended, the currency finished at 1.1611 against the Euro and 1.3835 against the US Dollar according to the Foreign Exchange Market.

As the US Dollar rallied, the Euro suffered as a result of the negative correlation. However, these losses were limited as Germany revealed that factory orders had increased during January, delivering figures that were better-than-expected. Despite this, the latest data suggests that German industrial production dipped in January, placing strain on the currency this morning.

It was a good end to the week of the US Dollar as the Dollar index reached a new high in 2021. The US economy has added more jobs, beating forecasts and for the week ahead, investors are going to be focused on the consumer price index.

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