New One Week High for Pound to Euro

The Pound strengthened through trading on Thursday as investors took hope from the news that EU leaders were not keen on supporting a block on vaccine exports.

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The currency also benefited from reports that touched on concerns that any potential restrictions from the EU could slow down the vaccination programme in the UK and ultimately slow down the speed of the economic recovery. At the end of the day, the currency finished at 1.1676 against the Euro and 1.3749 against the US Dollar according to the Foreign Exchange Market.

It was a fairly subdued day for the Euro as the single currency suffered as a result of the demand for the US Dollar. It was also feeling the pressure from investors waiting for the outcome of the vaccine supply issues, which ended in a solution still not put in place. 

The US Dollar nudged higher again yesterday as some positive US data releases help to strengthen and support the currency. The final US DGP reading was revised upwards, giving investors something to focus on while a drop in jobless claims also helped to bolster the currency during trading on Thursday.

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