New Investment From UK Sees Pound Jump

During trading on Tuesday, the Pound surged following the beginning of the UK’s Global Investment Summit with the government announcing that £9.7bn of foreign investment would be made into green industries.

Despite the initial gains, the Pound did lose ground following a market correction and warnings that the UK’s Net Zero strategy would cost the public. So, the Foreign Exchange Market indicated the currency finished at 1.1856 against the Euro and 1.3795 against the US Dollar. 

It was a good start for the Euro as it firmed but then lost ground against many of its rivals after there was an unexpected contraction in construction output in the Eurozone coming in at -1.6% against the 2.5% that was forecast. Dovish comments from the European Central Bank. 

The US Dollar slackened during the start of the session yesterday after a positive market mood meant that demand for the Greenback was limited. Despite this, the USD did manage to recover some of those losses during the afternoon as market sentiment eased, making it possible for the US Dollar to make up ground against some of its rivals.

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