Key Resistance Level Passed for Euro to US Dollar Rate

Through trading on Monday, the Pound edged higher as it benefited from optimism that moved through the markets.

Sterling sentiment was also boosted by news that the majority of the economy continues to hope for a significant rebound during the summer. However, the latest jobs report figures indicate that unemployment has dropped, and that could support the Pound. At the end of trading, the Foreign Exchange Market showed that the currency finished at 1.162 against the Euro and 1.3988 against the US Dollar.

The Euro also struck higher yesterday after a drop in the US Dollar as a result of a negative correlation between the two. The Euro was also boosted by the continued speed of the vaccine rollout and improving statistics following lockdowns in several countries. 

It was a poor start to the week for the US Dollar with the currency dropping to a one-monthly low following demand being undermined by economic optimism. Treasury yields dropped as investors continued to remain upbeat about a global recovery while the equity markets surged. Looking ahead through the week, it’s looking like the US Dollar will continue on the back foot today.


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