Pound Continues to See Losses as Euro Remains Unchanged

The Pound continued to lose ground on Friday as the Bank of England decided to leave interest rates as they are, which forced the currency lower.

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However, market sentiment improved during the afternoon and helped to limit any losses. Reports that the UK could trigger article 16 of the Northern Ireland protocol has placed pressure on the currency. At the end of the week, the Pound finished at 1.1685 against the Euro and 1.3498 against the US Dollar according to the Foreign Exchange Market.

The Euro remained unchanged on Friday as it finished the day in the same position it started. A negative correlation with the US Dollar did give it a boost but German industrial production put the single currency under pressure as it had contracted for a second consecutive month. 

During the first part of trading on Friday, the US Dollar made some sharp gains although this demand disappeared during the afternoon. Even better-than-expected non-farm payrolls increased to 531,000 and an increase from September helped to lift the mood. Further news about the release of Pfizer’s new Covid pill also helped to boost risk-on trade.

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