Improved Market Mood Sees Rebound in Pound to Us Dollar Rate

On Monday, the Pound struggled initially, after it reacted to comments from the Health Secretary Matt  Hancock about the potential delay to the easing of restrictions on the 21st June.

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However, the currency picked up some momentum although there was no clear sign of recovery, especially with the growing tensions between the UK and the EU over the Northern Ireland protocol. Therefore, the currency finished the day at 1.163 against the Euro and 1.4118 against the US Dollar according to the Foreign Exchange Market.

The Euro moved lower yesterday after it took a hit from the latest German factory orders. The figures came in under expectations, placing pressure on the single currency. Despite this, it did retrieve some of those losses, closing the day higher with the market mood improving, forcing the US Dollar lower.

At the start of the session yesterday, the US Dollar nudged higher with USD investors acting on comments that related to support for higher interest rates. However, the gains soon disappeared as a result of the bullish market mood, which forced investors to overlook the US Dollar.

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