Hopes of Reopening Strengthens Pound

On Monday, the Pound strengthened against a number of its rivals as it was announced that the UK would continue to lift the remaining restrictions in two weeks’ time.

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While optimism helped to bolster the currency, concerns were raised about increasing cases and how the lifting of restrictions could increase the risk of new variants. This saw the Pound finish at 1.1679 against the Euro and 1.3857 against the US Dollar according to the Foreign Exchange Market.

The Euro was mainly range bound during trading yesterday after the positive services PMI from the Bloc was undermined by increasing coronavirus cases. The German PMI was lower than expected although the Eurozone PMI did come in higher than expected with the highest figure seen for 14 years. Despite this, the Euro couldn’t capitalise on these impressive figures.

The US Dollar also lost some footing yesterday as US Treasury yields were low while the minutes from the Federal Open Market Committee meeting caused concerns. Worries around the tone of the minutes might have placed pressure on the Greenback. It was also Independence Day and so, with markets closed, it left trading conditions relatively thin on the ground.

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