Economic Optimism Pushes Pound to Euro Rate to New 10 Month High

The Pound improved its recent rally during trading on Tuesday as the Foreign Exchange Market saw it reach 1.1485 against the Euro although it did lose ground against the US Dollar finishing at 1.3888.

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The rally came on the back of increased optimism around coronavirus cases decreasing and the vaccine rollout. Furthermore, there is hope that the economy will begin opening soon and that will lead to a rebound in economic growth as we move into the second half of 2021.

The Euro had a promising start to the day on Tuesday as the Eurozone GDP estimate and German economic sentiment came in higher than expected. Despite this, the gains were limited due to the negative correlation with the US Dollar. However, there are still worries about economic recovery as the vaccine programme still staggers and fails to gather pace.

It was a poor start to trading for the US Dollar as improved market sentiment and growing equity markets drove down demand for the safe-haven currency. Despite this, the Greenback did make some gains during the US trading session following a strengthening in US Treasury yields.

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