Change in Market Mood See US Dollar Strengthen

Through trading on Tuesday the Pound struggled as a positive outlook on the economy was dampened by concerns about the UK labour market.

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Recent consumer credit figures indicated that consumers borrowed more money than they had paid off for the first time since August 2020, indicating that consumer confidence had grown and that the economy was recovering.  At the end of trading, the Pound finished at 1.1633 against the Euro and 1.3844 against the US Dollar according to the Foreign Exchange Market.

It was a mixed day for the Euro as economic sentiment increased to its highest level since May 2000 with forecasts coming in higher than expected. Despite this, the single currency lost some of these gains as an increase in demand for the US Dollar created a strong negative correlation with the currency.

In contrast, the US Dollar soared higher yesterday, reaching an eight-day high against both the Pound and the Euro, with a downbeat market sentiment increasing demand for the safe-haven currency. The US Dollar also managed to keep hold of these gains during the afternoon, as the Conference Board’s US Consumer Confidence Index reached a higher figure than seen in May while also beating market expectations.

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