Increase In Pound To Euro Rate Comes With Extended Brexit Deadline

On Wednesday, Boris Johnson indicated that he was willing to extend the Brexit deadline that the UK had imposed on itself and with that saw the Pound to Euro rate bounce back to 1.1078. There was also similar news with the Pound to US Dollar rate as this soared to 1.3009 according to the Foreign Exchange Market. The start of the session was not all positive though but eventually, the currency soared following optimism that a Brexit deal was still possible. However, much of the news today will be based around the ever-changing coronavirus landscape and that placed some pressure on the Pound.

There was not a lot of good news for the Euro as the single currency suffered at the hands of new restrictions imposed in order to try and curb the growing coronavirus figures. The Euro to Pound rate dropped to and any increases were subsequently capped because of the latest Eurozone industrial figures.

Doubts surrounding a coronavirus stimulus package forced the US Dollar to trend lower during yesterday’s session. Along with this, political uncertainty also reduced investor demand for the safe-haven currency. However, today sees the release of the latest jobless claims figures for last week, with another rise causing further problems for the greenback.


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