The Pound strengthened on Monday and that saw it reach a two month high against the US Dollar.
The UK unlocked even more of the economy yesterday, boosting hopes that things will soon recover further. However, investors still have concerns about the Indian variant that is starting to spread. Despite this, the currency didn’t slow down finishing the day at 1.1633 against the Euro and 1.4139 against the US Dollar according to the Foreign Exchange Market.
It was a quiet day for the Euro on Monday as the single currency was impacted by ongoing coronavirus concerns and a lack of data, forcing the demand for the Euro to slow. While it is looking like the bloc will make a good economic recovery, it still wasn’t enough although the ongoing vaccine rollout is sure to improve the appeal of the Euro.
There was a lack of clear direction for the US Dollar yesterday after an increase in Treasury yields was overshadowed by comments from the Federal Reserve. It stated that if inflation expectations went higher that it would act although it is still unclear as to how this will occur.