Pound Grows Stronger Against the US Dollar And The Euro

The Pound strengthened against both the US Dollar and the Euro on Wednesday as the exchange rates reached 1.1168 and 1.322 respectively according to the Foreign Exchange Market. Any fresh Brexit concerns were alleviated by news that Downing Street had rejected reports that Prime Minister Boris Johnson was not planning on stepping down in six months. There might be little movement in the Pound today as investors await a speech from Andrew Bailey, the BoE Governor.

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Investors in the Euro were showing concerns during trading on Wednesday as the increase in coronavirus could have an impact on the single currency. There was also a hint that more easing might be required from the European Central Bank but that held the Euro back through the session.

US Dollar investors saw the positive in the latest durable goods order figures which were better than expected, causing the currency to trend higher on Wednesday. Goods orders had increased from 7.7% to 11.2% during July, indicating that the third quarter could see further recovery in the economy. Despite this, these gains were slightly subdued by investors avoiding any big bets as they await the latest speech from the Federal Reserve today.

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