Impressive Increase in Pound to US Dollar Rate

The Pound nudged higher again on Tuesday after media reports suggested that a Brexit trade deal was edging closer. However, these gains were limited after it became apparent that the latest jobless figures in the UK reached a new three-year-high in October. It’s likely that the release of the consumer price index is going to place additional pressure on the currency today. However, as trading closed yesterday the Pound finished the day at 1.1062 against the Euro and 1.3444 against the US Dollar according to the Foreign Exchange Market.

There was very little movement for the Euro yesterday as investors continued to show concern for the new lockdowns that are coming into force. Despite this, the single currency was able to hold off on any significant losses as the US Dollar weakened. However, the Euro is likely to face pressure today as the latest PMI figures for the Eurozone are due to be released.

There were losses for the US Dollar on Tuesday after investors moved away from the safe-haven currency after Moderna announced that its coronavirus vaccine was highly effective. The latest US industrial production figures also reduced the appeal of the safe-haven currency as figures indicated that factory output had dropped in November.


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