Brexit Hope Pushes the Pound Upwards

The start of the week was filled with promise for the Pound after it made good gains following a sliver of Brexit optimism. Despite this, comments surrounding the missing pieces of trade talks cause investors to shy away from the Pound, taking the shine off some of the gains it had seen earlier on Monday. Once again, Brexit will remain at the centre of attention this week but yesterday the currency rounded off the day at 1.1174 against the Euro and 1.3339 against the US Dollar according to the Foreign Exchange Market.

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It was a strong start for the Euro too, as the single currency took advantage of the weakened US Dollar again following a negative correlation between the two. Despite this, the release of the German inflation figures soon capped the gains after they showed that the largest economy in the Eurozone experienced worse-than-expected deflation figures.

There was significant selling pressure placed on the US Dollar yesterday, leaving the Greenback struggling to gain any footing. With increasing coronavirus cases and vaccine optimism, US investors showed very little activity in the US Dollar. However, it’s looking as though not a lot will change in favour of the US Dollar as we move through the week.

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