Double-Dip Recession Causes Euro Rate to Plummet

As last week came to a close, the Pound found itself on the back foot after concerns around the cash for curtains grew.

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The scandal could damage the Conservative Party at a time when the country is grappling to overcome the impact of coronavirus. Therefore, at the end of last week, the currency finished at 1.1495 against the Euro and 1.3817 against the US Dollar according to the Foreign Exchange Market. 

On Friday, the Euro edged lower following the release of the latest GDP figures which showed that the Eurozone had seen a contraction in growth during the first quarter of 2021. The contraction was less than expected although it was proof that the bloc had gone into a double-dip recession during winter which dented sentiment in the single currency. 

The US Dollar edged higher on Friday as risk appetite softened and a surge in consumer spending helped to strengthen the currency. However, on Monday, Us Treasury yields fell and undermined the latest news of an expansion in ISM manufacturing causing the USD exchange rates to tumble.

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