Drop in Euro to US Dollar Rate While Pound Remains Muted

The Pound started trading on Wednesday in a strong position after it became apparent that Boris Johnson has plans to present a plan of how restrictions will be eased.

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Despite this, the news that schools would be closed longer than expected dealt the currency a blow, forcing investors to have concerns about lockdown extensions. There is little in the way of data and so, the coronavirus situation is driving the direction of the Pound. According to the Foreign Exchange Market, the pound finished the day at 1.1294 against the Euro and 1.3669 against the US Dollar.

Euro exchange rates took a knock yesterday after it became apparent that the European Central Bank is still likely to slash interest rates. To add to the misery for the single currency, the German consumer confidence index heading into February dropped to an eight-month low. The German consumer price index is likely to determine the movement of the Euro today.

The US Dollar gathered momentum on Wednesday after market sentiment took a downturn, forcing investors to seek safety in the safe-haven currency. The weaker-than-expected durable goods orders underpinned this movement along with concerns surrounding inflation from the Federal Reserve.

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