Potential Vaccines Boost Market Sentiment

Through Friday’s session, the Pound to US Dollar rate soared following news that a post-Brexit trade deal is likely. Furthermore, the currency was also boosted by news that retail sales in October came in higher than forecast. Along with this, the news of yet another potential vaccine improved market sentiment and this is still being seen through trading this morning. However, as trading came to an end on Friday the Foreign Exchange Market indicated that the currency finished the day at 1.1204 against the US Euro and 1.32 against the US Dollar.

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It wasn’t a great start to the day for the Euro as the single currency found itself weakening following the latest release of the consumer confidence index which dropped into negative territory this month. The economic recovery is still a concern as coronavirus cases continue to grow, proving that there could still be turbulent times ahead.

As market sentiment improved on Friday, the US Dollar fell back as investors moved elsewhere on the back of the latest vaccination news. Increasing cases of coronavirus are still a thorn in the side for the Greenback, and that is a theme that is likely to hamper the currency over the coming days.

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