Pound Finds Support Following Confirmation of Reopening

The Pound started Monday by dropping although, by the afternoon, it had rebounded after the announcement of the plans to reopen from the 19th July.

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There are concerns that the latest round of unlocking would not be as detailed as previously thought and this placed pressure on the currency. However, when it confirmed that a full unlocking would go ahead, the Pound found some support. So, the Pound finished at 1.1705 against the Euro and 1.3886 against the US Dollar according to the Foreign Exchange Market.

At the start of trading yesterday, the Euro increased following support from German wholesale prices but they dropped as the day passed. There are still worries about coronavirus restrictions and rising cases as France and the Netherlands brought in further restrictions after a surge in cases. 

Following a rise in Us Treasury yields, the US Dollar surged, however, by the afternoon the gains had been lost following a change in risk sentiment, which means that the appeal of the Greenback was lost. However, today could see the US Dollar get a boost from the latest US inflation rate figures which could see the figures ease slightly.

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