New One Week Low For Pound to Euro Rate After Coronavirus Concerns

During Tuesday’s session, the Pound trended lower following concerns over the growing cases of the delta variant of coronavirus and how that could delay the reopening plans on 21st June.

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However, there was further pressure placed on the currency following increasing tensions between the UK and the EU over the Northern Ireland protocol. The Pound could experience further losses if a meeting taking place today does not find a solution. At the end of trading, the pound finished at 1.1625 against the Euro and 1.415 against the US Dollar according to the Foreign Exchange Market.

The Euro nudged higher yesterday after the latest Eurozone GDP estimate was revised higher during the first quarter of 2021. Despite these gains, they were limited as the latest industrial production figures from Germany as well as ZEW economic sentiment both came in lower than expected, preventing the Euro from making further gains.

There were modest gains for the US Dollar on Tuesday, as the currency took advantage of a slight downturn in market sentiment. Furthermore, the uptrend was strengthened by the JOLT’s job opening figures which came in at a record high during April.

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