Improved UK Retail Data Helps Pound to US Dollar Rate to Strengthen

During trading on Tuesday, the Pound edged higher after it was found that UK retail activity had improved during this month.

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After the opening of retail and the ongoing vaccine rollout, it was found that retailers had experienced their largest increase in volumes since 2018. This saw the currency finish the day at 1.1501 against the Euro and 1.3904 against the US Dollar according to the Foreign Exchange Market. 

There was a lack of movement for the Euro yesterday as there were no major economic releases to determine any specific direction. However, to prevent the single currency from losing any ground, there was hope that the vaccine rollout will continue to gather pace as new vaccines are being doubled each month.

The US Dollar moved in a narrow range yesterday and the currency didn’t manage to gain any ground, even with an increase in US Treasury yields. This came following investors believing that the Federal Reserve is going to take a dovish tone when it comes to the latest rare decision today. It’s likely that rates will be put on hold for longer and that could force the US Dollar to fall sharply.

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