Easing Fuel Crisis Helps to Ease the GBP Woes

The Pound continued to improve on Monday as the fuel crisis looked to be easing as the UK Government deployed the military to help deliver fuel to those areas still struggling.

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Despite the gains, they were capped as there are warnings that it could take an additional ten days for stock levels to reach what they were. As trading closed, the currency finished at 1.1716 against the Euro and 1.361 against the US Dollar according to the Foreign Exchange Market.

There was a lack of data across the Eurozone yesterday and that caused the Euro to weaken slightly while it suffered from a lack of direction. However, the ongoing energy crisis still caused concerns for investors and this meant that the single currency did experience some losses as a result. 

The US Dollar also lost some ground on Monday following a disagreement between the Democrats and Republicans on the US Federal debt limit. The US is looking as though it is going to default on its debt and that means that Congress is struggling to agree on how to increase the debt ceiling, causing investors to lose confidence in the Greenback.

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