Lack of Direction for Pound, US Dollar and Euro

On Wednesday, the Pound was mainly rangebound after the flash PMIs from last month failed to help boost the currency.

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A mix of figures forced the Pound to stagnate as manufacturing PMI was better than expected although services PMI came in lower than expected. The figures still point towards strong growth for the economy in the UK although the Pound might have been held back by increasing Covid figures. As trading closed, it finished at 1.1705 against the Euro and 1.3967 against the US Dollar according to the Foreign Exchange Market.

It was a mixed day for the Euro on Wednesday as ongoing coronavirus concerns offset improved PMIs. The flash PMIs for June were better than expected with the service sector growing at the fastest rate seen since 2007. Despite this, the spread of the delta coronavirus variant has placed pressure on the single currency in recent weeks.

There was very little movement for the US Dollar yesterday as comments from the Federal Reserve weighed heavily on the currency. It managed to regain some losses after the Markit PMIs although it didn’t gain any additional direction.

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