Improved Eurozone Figures Bolster The Euro

On Monday, the Pound experienced a mixed day of trading on the foreign exchange market as it struggled against the performance of its peers due to a lack of any notable direction. This still occurred off the back of some promising data relating to improvements in the construction sector as it bounced back last month with the strongest reading in two years. The supplementary budget this Wednesday is likely to hold the Pound back today, but the currency did finish Monday at 1.1044 against the Euro and 1.2492 against the US Dollar.

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There were positive signs for the Euro during trading on Monday as it ticked higher, as figures from the Eurozone indicated that the economy was recovering well. Germany reported strong factory orders during May, boosting the single currency while retail sales were also much improved and better than expected. This momentum is likely to continue through today as industrial production in Germany has improved too.

The US Dollar struggled to strike higher during Monday as market sentiment reduced the demand for the safe-haven currency. Even improvements in the ISM non-manufacturing PMI could not help the US Dollar, but today could be a different day for the currency as market optimism might be impacted by further coronavirus worries.

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