There were some improvements for the Pound during trading on Thursday as the currency took advantage of its weaker peers. The UK economy has been hit with bad news this week and so, moving higher during trading helped to ease the concerns slightly. There are concerns surrounding a potential unemployment crisis and with no notable data to be released today, it’s likely that the Pound might struggle. However, as trading came to a close on Thursday, the currency finished the day at 1.1061 against the Euro and 1.3071 against the US Dollar according to the Foreign Exchange market.
The Euro continued it’s forward momentum on Thursday after market sentiment helped it to make gains although the US-EU trade concerns soon pulled the single currency back. The US announced that it would still be adding a 25% tariff on a variety of EU goods. However, bad news surrounding unemployment levels throughout the EU will also cause the Euro to struggle through trading today.
Some considerable selling pressure caused problems for the US Dollar on Thursday as investors looked to take further risks in other markets. This was down to the fact that jobless claims had dropped in the US for the first time in over five months. The currency will be pinning fresh hopes on better news in the form of US retail sales which should indicate that sales have grown to normal levels but will that be enough to push the US Dollar forward?