Inflation Fears and Ongoing Supply Chain Concerns Cause Pound to Fall

There was some selling pressure on Monday that caused problems for the Pound, following concerns that the economic outlook in the UK could cause further misery for the currency.

While there were some initial gains, this only limited them, as positive comments from the Bank of England weren’t enough to help the Pound hold onto those gains. The currency eventually finished the day at 1.1763 against the Euro and 1.3586 against the US Dollar according to the Foreign Exchange Market.

It was a relatively quiet day for the Euro yesterday after a lack of data left it exposed and open to losses. However, inflationary pressures remained to be a concern with fears arising that the European Central Bank could make a policy error and that dented the appeal of the single currency.

It was a relatively mixed day for the US Dollar yesterday after an average market mood meant that any gains were relatively limited. Further limits were also placed on the Greenback as the US Markets were closed for Columbus Day. However, today, the JOLT’s job openings data for August could give the US Dollar a boost.


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