Bank of England Policy Decision Drives Down Pound

The Pound trended lower on Thursday after investors reacted to the latest policy meeting of the Bank of England.

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The meeting this month saw the Bank of England change its growth forecast for 2021, leaving investors concerned about a possible change to the monetary policy. So, as the day drew to a close, the currency finished at 1.152 against the Euro and 1.3894 against the US Dollar.

The Euro started Thursday on a strong footing and this came after the news that the latest news that Germany had experienced a blogger-than-expected growth in factory orders during March. These gains were also enhanced by the news that the latest retail sales figures across the bloc were also higher than expected, helping to bolster the single currency.

Falling US Treasury bonds and Federal Reserve expectations that took a dovish tone forced the US Dollar to go on the defensive during trading yesterday. This trend came despite data showing that initial jobless claims fell to a figure not seen since before the pandemic. However, investors are going to be focused on non-farm payroll figures, which could see the US Dollar increase if further jobs are added.

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