Brexit Concerns Cause The Pound To Plummet

At the end of the week, the Pound slumped against the US dollar, finishing at 1.3253 according to the Foreign Exchange Market while it did not fare well against the Euro either, finishing at 1.1191. On Friday, the Bank of England also warned that unemployment was likely to rise while it might have been too optimistic when it came to the Brexit outlook, both of which could weigh heavily on the currency through trading on Monday.

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Through trading on Friday, the Euro found itself having to work hard due to the Germany factory order figures coming in below expectations during July. Despite orders growing, the rate was not what was anticipated and that could lead to concerns that the economic recovery in Europe is stalling. A new inflation forecast and possible indications of future stimulus from the European Central Bank could cause problems for the single currency.

The US Dollar climbed higher on Friday off the back of US non-farm payroll figures. Even though the figures showed that fewer jobs had been added, the news that the unemployment rate had dropped from 10.2% to 8.4% was enough to give the US Dollar the push it needed.

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