Further Recovery For The Pound As Market Sentiment Improves

Things continued to improve for the Pound on Wednesday as the markets reacted to positive news of a coronavirus vaccine. Despite this, the currency was held back slightly by concerns that the plans to revive the currency after the pandemic were not as thorough or as handled as well as they could have been. An update about Brexit negotiations are likely to guide the pound through the rest of this week, however, it ended Wednesday at 1.1089 against the Euro and 1.2477 against the US Dollar according to the Foreign Exchange market.

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Despite positive news relating to the economy in the EU, the single currency was on the back foot on Wednesday. The German economy saw an impressive rebound in sales during May, while manufacturing performed the same way. However, the jobs report is expected and that’s likely to have an impact on the single currency.

The US Dollar suffered at the hands of an improving market mood as this made the safe-have currency less favourable for investors. As a result, this saw the currency struggle during trading. Again, the increase in coronavirus cases throughout the country is resulting in states having to lock down again, causing problems for the economy.

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