A New Three-Week High For the GBP/USD Exchange Rate

Following the announcement from Rishi Sunak and the new stimulus measures designed to boost the UK economy, the Pound remained fairly stable, with minimal gains against the Euro and the US Dollar, rounding of Wednesday at 1.1127 and 1.261 respectively according to the foreign exchange market. Despite this, investors felt that more could have been offered and that held the currency down, but Brexit talks during the latter part of the week are likely to see exchange rates struggle.

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There was an improvement in the Euro on Wednesday after there was fresh optimism that the economy in the Eurozone would bounce back better than expected. However, the gains were dampened by news that the European Council had warned that more work needs to take place in order for the EU to come to an agreement on the Coronavirus recovery fund worth €750bn. Latest trade figures from Germany are likely to help the single currency make up lost ground through Thursday trading.

New selling pressure caused the US Dollar to shrink against its peers on Wednesday and so, there was a significant drop in demand for the safe-haven currency. This comes off the back of news that the second wave of coronavirus infections could be closer than expected.

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