Lack of Brexit Progress Sees Pound Fall Back Against Euro

Through trading on Thursday, the Pound trended lower after the latest Brexit talks came to an end with very little progress made. The UK’s chief negotiator indicated that they are still some way off coming to an agreement, further denting the pound. The currency finished the day off at 1.0982 against the Euro and 1.2741 against the US Dollar according to the foreign exchange. However, there is fresh hope that the currency can bounce back today as the private sector looks to have achieved a level of growth this month that is higher than expected.

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The Euro continued upwards on Thursday as it was still buoyed by the hope surrounding the EU coronavirus fund. However, the consumer confidence index showed a drop in household sentiment during July, holding the single currency back. Despite this, economic activity looks to have experienced a strong rebound this month and that could push the Euro forward.

The US Dollar also moved higher yesterday as investors sought to take safety in the safe-haven currency off the back of growing tensions between the US and China. Further bolstering the strength of the Us Dollar was news that the White House has plans to add more money as coronavirus stimulus.

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