Brexit Tensions Still Weigh Heavily on the Pound

The Pound struggled on Monday as it reacted to ongoing Brexit concerns and even a possible Bank of England rate increase couldn’t give the currency the boost it needed.

There were further tensions between France and the UK with both threatening to take action. Furthermore, Northern Ireland Protocol negotiations were also at the mercy of potential violence taking place in NI. This meant that the currency finished at 1.1774 against the Euro and 1.3656 against the US Dollar according to the Foreign Exchange Market.

It was a quiet day for the Euro yesterday after a contraction in German retail sales which went against expectations of a 0.6% increase. Despite this, it did make gains against its weaker rivals as it took advantage of a weakening Us Dollar as a result of the negative correlation between the two. 

The US Dollar lost ground against most of its rivals yesterday. Investors took a risk-on approach to the market and that meant that they focused on assets with a higher yield, leaving the Greenback strugglings. Furthermore, the US ISM manufacturing PMI also failed to bolster the safe-have currency as it indicated that production growth in American factories had hit a new 15 month low.


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