Easing Energy Concerns Help Pound to Firm

After the announcement from the UK government that it would have enough energy supplies to cope with demand in the winter, the Pound strengthened against many of its rivals on Thursday.

Additional support came from comments made by the Bank of England which said that inflationary pressures are likely to last longer than originally expected. This saw the currency finish the day at 1.1785 against the Euro and 1.3617 against the US Dollar according to the Foreign Exchange Market.

The Euro weakened through the day following a decline of 4% in German industrial production which was a lot higher than the 0.4% that was expected. This came after energy costs increased and disruption to the supply chain caused problems, causing concerns that a bottleneck recession could be possible. 

The US Dollar lost ground to many of its rivals yesterday after an on-risk mood meant that the Greenback lost some of its appeal. Along with this, there was further pressure from the looming deadline for a debt ceiling extension, stoking concerns that the US would default on payments.

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