Pound Finishes Strong While The Euro Struggles Amidst Rising Covid-19 Cases

The Pound rounded off Friday in a good position after positive data releases helped to give it some upward momentum.

The higher than expected inflation figures released last week gave the currency a boost while the economy continued to thrive but investors also had their eye on lockdowns across Europe as Covid-19 cases continue to rise rapidly. This meant that the currency finished the week at 1.1921 against the Euro and 1.3447 against the US Dollar according to the Foreign Exchange Market.

The Euro was relatively muted on Friday as investors reacted to news of growing Covid-19 cases. With Austria and Netherlands bringing in further lockdowns, it looks as though the economy across the Eurozone is going to slow down. This comes as supply chain issues are already weighing heavily on the single currency while high inflation is also causing the Euro to struggle.

The US Dollar got a welcome boost from officials at the Federal Reserve after they suggested that monetary stimulus might be tapered faster than expected as the economy continues to make a rapid recovery while high inflation is also helping to move things along.

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