Pound Continues Its Rally While US Dollar Struggles On

Following some cautious mark optimism, the Pound continued to strengthen through trading on Wednesday. The latest housing figures from the Bank of England that indicated there was a sharp rise in mortgage approvals last month also helped to boost the currency.  However, as the week draws to an end, it is likely that further Brexit talks could see some of those gains lost. At the end of trading yesterday, the Pound finished the day at 1.1019 against the Euro and 1.2992 against the US Dollar.

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There was not a lot of movement in the Euro on Wednesday after a lack of economic releases failed to give it anything to work with. Despite this, German data and Eurozone unemployment figures might knock the Euro back as the preliminary GDP release indicated that the figures are the worst seen since 1970. This could add pressure to the Euro through trading today.

There was another sell-off during trading on Wednesday following the latest rate decision from the Federal Reserve. With rates on hold, the concerns quickly turned to the coronavirus rates and how they are going to impact the economy through the remainder of 2020. The latest GDP estimate will be the main focus today as it is likely to show a 34.1% contraction in growth.

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