Large Increase in Pound to US Dollar Rate as it Almost Reach Key Breakthrough Level

The Pound went even higher against the US Dollar on Thursday reaching 1.3967 while it ended the day at 1.1552 against the Euro according to the Foreign Exchange Market.

This was after a boost in coronavirus stats which hint at a potential beginning of the end of lockdown. Even more support was given to the currency as the Chancellor also announced that any tax rises would be deferred to help boost the recovery of the economy. However, the latest retail figures which showed that sales had dropped by 8.2% in January.

The Euro made a slight recovery yesterday thanks once again to the negative correlation with the US Dollar. Furthermore, it was boosted by the news that the Eurozone confidence index was higher than expected this month.

There was a rapid sell-off yesterday for the US Dollar as US Treasury yields had dropped from the recent highs it had experienced. There was also an increase in US jobless claims which left concerns surrounding the weakening of the US jobs markets. However, today, the US bond yields are likely to drive the direction of the US Dollar.

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