Food Supplies Threatened by UK Gas Crisis Causing Pound to Weaken

The ongoing gas crisis in the UK had a negative impact on the Pound during trading on Monday.


The shortage of Co2 is going to have a big impact on the economy with meat processing and packaging likely to suffer. Furthermore, the shortage is likely to disrupt food supplies, with talk of Christmas likely to experience issues. As trading came to a close, the Pound finished the day at 1.1651 against the Euro and 1.3665 against the US Dollar according to the foreign exchange market.

It was a slow start initially for the Euro although it did gain some ground during the afternoon following a strong pullback from the US Dollar. Also bolstering the single currency is the fact that the US travel ban is being lifted from November, helping to boost travel stocks across the Eurozone. 

It was a strong start to the day for the US Dollar as investors took a risk-off mood which helped to provide support for the safe-haven currency. Despite this initial rise, a drop in US bond yields meant that it surrendered most of the gains it had made as the day moved on.


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