Optimism Around Economy Reopening Doesn’t Boost Pound

There were some difficulties for the Pound yesterday as it lost ground against many of its rivals.

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This came despite some good news from the health secretary Sajid Javid who stated that there was no need for restrictions to remain in place beyond the 19th of July. However, this good news was undone as the increase in Delta coronavirus cases still weigh heavily on the currency. As a result, the pound finished the day at 1.1639 against the Euro and 1.3879 against the US Dollar according to the Foreign Exchange Market.

The Euro strengthened against many of its peers yesterday after the economic recovery across the Eurozone took on a positive tone. There were no influential data releases yesterday although a strengthening of the economy meant that it bolstered the single currency. With economic sentiment across the Eurozone expected to rise, it’s likely that the Euro could climb higher.

The US Dollar also trended higher during trading on Monday as a risk-off market mood meant that demand for the currency increased. This occurred after the US 10-year Treasury yield dropped to 1.47%. Today, the main drivers for the US Dollar are likely to be market sentiment and bond yields.

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