Euro Takes Advantage Of Weak US Dollar

There was nothing notable yesterday to bolster the Pound but it did manage to hold steady, taking advantage of the weak US Dollar. However, the currency is still under mounting pressure from a lack of certainty surrounding Brexit although reports seeped through during Monday afternoon that suggested a deal could be possible. Despite this, any optimism might be hit by concerns of a second wave of coronavirus spreading across Europe, especially after the UK imposed new travel quarantine rules on Spain. According to the Foreign Exchange market, the pound finished the day at 1.096 against the Euro and 1.2892 against the US Dollar.

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There were further gains for the Euro during trading on Monday after the EUR/USD rate reached the highest level seen in almost two years. Exchange rates were still bolstered by the EU recovery fund agreement last week while news that the German economy is in recovery was also a welcome boost.

It was another poor day for the US Dollar on Monday as US and China relations continued to sour while increasing coronavirus cases were also weighing heavily on the currency. However, the upcoming Federal Reserve interest rate decision might see some optimism return to the US Dollar exchange rates.

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