Optimism Around Reopening Gives Pound to Euro Rate a Boost

The Pound gathered momentum against its peers on Wednesday as Boris Johnson announced that the reopening of the economy this month was still likely to happen.

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The government still has time to change its decision but this announcement helped to bolster the currency. Adding to the strength of the pound is the revision of the services PMI which was revised to a 24-year high. At the end of the day, the currency finished at 1.1605 against the Euro and 1.4117 against the US Dollar according to the Foreign Exchange Market.

The Euro was defensive yesterday as the retail sales figures from Germany were disappointing. This saw a -5.5% slump in sales growth which is a significant drop from the 7.7% growth seen in March. However, the latest services PMI have come in better-than-expected and that could help the single currency today.

During trading yesterday, the US Dollar edged higher as US Treasury yields increased. Furthermore, the Philadelphia Federal President indicated that it could be time to think about tapering which could see the Federal Reserve tighten its monetary policy.

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