No-Brexit Deal Weighs Heavily On The Pound

The idea of a no-deal Brexit caused the Pound to plummet through trading on Monday. With news that the UK is looking to overlook sections of the EU withdrawal agreement, the currency suffered from significant pressure. This caused the Foreign Exchange rate to drop to 1.1144 against the Euro and 1.3168 against the US Dollar. Again, it is likely that Brexit will remain the focus of investors during trading today, although the increase in coronavirus cases is also likely to be of concern.

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There was not much in the way of movement for the Euro after German industrial production figures were not as strong as expected. Factory output growth had slowed down considerably during July, indicating that an economic recovery could be further away. Along with this, the Eurozone also suffered a record contraction during the second quarter putting additional pressure on the single currency.

Labour day saw the closure of the US markets and that prevented the US Dollar from making any significant movement. Despite this, investors are going to be prepared for some volatility after US congress return from the summer recess. There is still no further news on the US coronavirus relief and that could cause problems for the US Dollar.

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