Mixed Data Releases Sees Pound Gently Nudge Upwards

It was a turbulent day for the Pound on Thursday although eventually, it managed to trend upwards thanks to news that UK public borrowing for this financial year was lower than expected.

However, the good news was offset by news that business optimism for Q4 had dropped, placing pressure on the Pound. At the end of the session, the Pound finished at 1.1866 against the Euro and 1.3793 against the Us Dollar according to the Foreign Exchange Market. 

There was a lack of data across the Eurozone yesterday and that resulted in the Euro seeing very little in the way of movement. As the afternoon arrived, consumer confidence figures caused the single currency to move slightly but that was down to morale in consumers falling by less than expected. 

The US Dollar was relatively rangebound yesterday as a mixed mood meant that it traded in a narrow range. However, its fortunes changed during the final hour of the European session as sentiment soured and that saw the US Dollar make up for some of its losses. So, will data released today cause the Greenback to make any significant gains?


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