Lockdown Easing Plans Help to Bolster Pound to Euro Rate

The Pound started the week on the front foot, with the rate reaching a one-year high of 1.1697 against the Euro according to the Foreign Exchange Market.

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It was also boosted by the way in which the UK is continuing to remove lockdown restrictions with the next easing of restrictions helping to boost the economy. The currency also finished the day at 1.3766 against the US Dollar although this week, investors will keep an eye on coronavirus cases in Europe.

There was little support for the Euro on Monday as coronavirus continued to spiral out of control. Investors were concerned about reports that hospitals in France are close to being overwhelmed while the consumer price index in Germany is going to be in the spotlight today. Economists are forecasting that inflation is likely to rise this month, giving the Euro a boost.

There were small gains for the US Dollar yesterday, as investors took advantage of the safe-haven currency following the ongoing tensions between the US and China. However, the currency was unable to make any significant gains as investors were concerned by news that coronavirus cases could be rising again. 

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