The Pound edged higher on Tuesday after impressive UK jobs data gave the currency a boost.
The data indicated that the labour market remains in a good position despite the furlough scheme coming to an end. This was also bolstered by comments from the Bank of England the day before, leaving investors to believe that a rate hike is coming this year. So, this saw the Pound finish the day at 1.1862 against the Euro and 1.3425 against the US Dollar according to the Foreign Exchange Market.
The Euro continued to struggle and even positive results relating to GDP growth and employment couldn’t give it the boost it needed. However, the downside came as a result of its negative correlation with the US Dollar and ongoing tensions at the Poland and Belarus border.
Through trading on Tuesday, the US Dollar strengthened and this came after the release of retail sales figures that were better than expected. Domestic sales had increased by 1.7% last month which came in above expectations and that was during a period of supply chain issues and increasing prices.