Euro Reaches a New Two Month High against the US Dollar

It was a quiet day for the Pound on Wednesday after political uncertainty weighed heavily on the currency.

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This followed news that a formal inquiry would be launched into the funding for the refurbishment of Boris Johnson’s Downing Street Flat. There is still very little data influencing the direction of the currency and so the focus is likely to be on the vaccine rollout and coronavirus cases. This saw the Pound round off the day at 1.1449 against the Euro and 1.3950 against the Us Dollar according to the Foreign Exchange Market.

On Wednesday, Germany reported a drop in consumer confidence moving into May and despite this, the single currency still managed to overcome the losses later in the day after the Euro to US Dollar rate reached a two-month high. It was noted that an economic rebound is likely later this year, giving the currency a boost.

Investors favoured the safe-haven currency yesterday, leaving the currency in a solid position.  However, that quickly changed after the news that the Federal Reserve would leave interest rates on hold pushed the Greenback down. However, today could see the US Dollar regain those losses after the latest news on the success of the vaccine rollout.

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