Brexit Negotiation Hopes Give Pound A Boost

With progress being made on UK-EU Brexit negotiations, the Pound moved higher during trading on Friday. The currency saw an increase in the rate against the Euro and the US Dollar at 1.104 and 1.2936 respectively, according to the Foreign Exchange Market. Brexit negotiations have been extended for a further month while the currency was also boosted by news that German Chancellor Angela Merkel believes that a deal can be made. Despite this, the release of the Services PMI showed better-than-expected results although they are lower than the figures seen in August, placing pressure on the Pound.

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On Friday, the Euro exchange rates dropped after the consumer price index came in weaker than expected which meant that the Eurozone moved into deflation. The inflation came in at -0.3% for September which is lower than August, causing concerns that the economic recovery was not moving in the right direction.

Following President Trump being tested positive for coronavirus, the US Dollar trended higher and that caused market sentiment to sour which helped to improve USD exchange rates. Market sentiment has also been boosted by the news that President Trump is improving although this week the US Dollar is likely to be impacted by hopes of a coronavirus stimulus package and the ISM non-manufacturing PMI for September.

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