Brexit and NIC Concerns Lead to Lack of Support for Pound

There was very little in the way of support for the Pound on Wednesday as the latest announcement of National Insurance Contributions increases weighed heavily on the currency.

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Sterling was also impacted by continuing Brexit concerns after it was making headlines again after the government moved to extend the grace period on Irish Sea border checks. As a result, the currency finished at 1.1654 against the Euro and 1.3773 against the US Dollar according to the Foreign Exchange Market.

There were mixed messages coming from the European Central Bank and that weakened the Euro yesterday. There was a message of caution from the bank after it was announced that they could begin to normalise monetary policy soon which should have given the currency a boost but this was put down by suggestions that a highly accommodative monetary policy is still required. 

The US Dollar continued to trend upwards on Wednesday as the currency continued to gain support even though the market mood was rather bearish. This was also boosted by the news that the latest JOLTs job opening figures reached a new record high in July.

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