Disappointing German Business Climate Causes Euro to Drop

On Monday, the Pound had a mixed day of trading as a lack of data failed to give the currency much in the way of direction.

Any possibility of a Bank of England rate increase seemed to have disappeared after the release of mixed data on Friday and the ongoing concerns around the rising Covid-19 cases in the UK, slowing the currency down slightly. As a result, the currency finished at 1.1856 against the Euro and 1.3762 against the US Dollar according to the Foreign Exchange Market.

The Euro slipped yesterday following the drop in the German Ifo Business climate for the fourth month in a row as it came in just below expectations. Furthermore, supply bottlenecks also caused problems for the biggest economy in Europe, causing business sentiment to drop to the lowest levels seen since April.

There was a different outlook for the US Dollar on Monday as it increased following a boost in demand for the safe-haven currency following a rise in US Treasury yields. Despite this, the gains were limited after it lost ground against major rivals following an upbeat market mood that placed pressure on the Greenback.


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