Concerns of Over Inflation Leaves Pound on the Back Foot

The Pound spiked on Wednesday after the news came that the EU would give the UK a three-month extension to the Northern Ireland protocol grace period.

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This helped to ease tensions that held the currency back last month. Despite this, these gains were relinquished after it was announced that the Bank of England should review the current monetary policy. This saw the currency finish the day at 1.1633 against the Euro and 1.3828 against the US Dollar according to the Foreign Exchange Market.

During trading yesterday the Euro dipped and even improved unemployment figures in Germany couldn’t give it a boost. The dip came after it was announced that France could be heading into a fourth wave of coronavirus and with that came concerns about the economy once again. 

There were modest gains made by the US Dollar yesterday against many of its peers. Further support for the Greenback came from the ADP employment change report which indicated that almost 700,000 were added last month, beating expectations. This upside could be extended today as the latest initial jobless claims figures are likely to show a decline in unemployment.

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