Improvement in Pound to US Dollar Rate

Through trading on Tuesday, the Pound remained fairly subdued as the news of a new lockdown, which could remain in place until March came into force. Despite this news, the currency benefitted from news that the Chancellor was offering an additional £4.6 billion in support for businesses and this helped to alleviate any notable losses. This saw the Pound finish the day at 1.1078 against the Euro, although it did strengthen against the US Dollar reaching 1.3629 according to the Foreign Exchange Market.

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There was little direction for the Euro as the lack of pace rolling out the coronavirus vaccine was causing concerns for investors. The appeal of the Euro was also limited by the latest job figures published in Germany, which showed that there was a contraction in the growth of employment.

The US Dollar was fairly resilient at the start of the day although it became defensive after market sentiment was improved by a possible Democrat majority in the Senate. This led to the demand for the Greenback suffering with the sell-off being bolstered by news of an increase in the ISM manufacturing PMI, which reached a new two-year high last month.

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