The Pound dropped considerably on Thursday against many of its peers after the latest Brexit Deal meeting ended in failure, stoking fears that a no-deal Brexit is highly likely. Adding further pressure to the pound was the news that the latest GDP figures for October showed that economic growth had slowed considerably. It’s looking increasingly likely that a no-Brexit deal is going to happen and that saw the currency round off the day at 1.0956 against the Euro and 1.3305 against the US Dollar.
The Euro nudged higher on Thursday after the European Central Bank announced that it was going to increase its quantitative easing program. Along with this, the bank failed to mention the recent surge in the single currency as that can make it difficult for the bank to boost inflation. However, the latest CPI figures from Germany which saw its economy drop to its lowest point for five years is likely to cause problems for the currency.
A broad sell-off yesterday saw demand for the US Dollar drop following the approval of the Pfizer vaccine. The jobless figures, which indicated a jump in claims also put a dent in the appeal of the Greenback during the session yesterday.