Brexit Hope Helps To Prop Up The Pound

The Pound retrieved some of its losses against the US Dollar on Wednesday after it became apparent that the Chief Brexit Negotiator announced that he was determined to put a Brexit deal in place. This saw the currency finish the day at 1.2724 against the US Dollar while it closed the day at 1.0911 against the Euro according to the Foreign Exchange Market. This helped to turn the tide slightly following coronavirus restriction concerns and worries that the UK recession is going to be drawn out further. Today the Chancellor will be announcing further financial help for businesses as the UK moves into a turbulent winter period.

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It was a defensive day for the Euro on Wednesday after the latest PMI release. These preliminary figures showed that private sector activity had narrowly missed coming to a halt in September, highlighting that the economic recovery is slowing down. There may be further pressure today on the single currency following the release of Germany’s latest business climate index which was lower than the predicted figure.

A downturn in market sentiment caused the US Dollar to continue its forward momentum as investors clambered for the safe-haven currency. This came amidst fears that a global recovery is unlikely anytime soon after the new rise in coronavirus cases.

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