Further Misery For The Pound As US Dollar Performs Well

A blend of no-deal Brexit concerns and growing worries of a second wave of coronavirus cases caused the Pound to experience a significant sell off during trading on Tuesday. The Pound to US Dollar rate dropped lower again to 1.2960 while the Pound to Euro rate dropped to 1.1017 according to the Foreign Exchange Market. While there is no significant data due to be released today, there are still grave concerns over the shape of the economy and the UK as a whole, adding further pressure on the Pound during trading.

The Euro moved higher on Tuesday after revisions were made to the GDP figures for the second quarter. Although the Euro did lose some ground against the US Dollar. The latest estimate suggests that the EU economy shrunk by 11.8% from April to June although this is a better figure than the original estimates.

There was some hope for the US Dollar on Tuesday after it performed well against many of its peers as investors looked to take advantage of the safe-haven currency. However, there was a lack of appetite when it came to risk as a result of the continued tensions between China and the US.

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