Huge Push For The Pound Amid Weakening US Dollar

On Thursday, the Pound grew in strength to a high of 1.23, as the US dollar weakened, while sterling had all the characteristics of a risk-sensitive currency. The Bank of England decided to leave interest rates where they are but there are still concerns over whether the Pound will have the ability to consolidate the gains. This is down to the risks associated with Covid-19 and the exposure of the banking sector in the UK.

The Euro increased against the Dollar for the third day in a row to 1.10, the increase in the foreign exchange rate is attributed to a weakening Dollar but also due to more positive headlines coming out about coronavirus.  This was mostly focused on how Italy was responding to the virus which could see the Euro climb yet again, bolstering international payments for Euro sellers.

Things were not so positive for the US Dollar as it really plummeted and this came off the back of a rush of unemployment news as the country continues to battle the coronavirus crisis that looms over it. As a result, any uncertainty around redundancies and how this will affect the US economy is likely to prevent the Dollar from moving in the right direction which is what the country really needs at this moment in time.

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