Pound Hits Three Month Low But Manages to Rebound

The start of the week for the Pound was one where a significant sell-off placed pressure on the currency on Monday following news of a new strain of coronavirus. As a result, many countries placed a ban on travellers. One of the countries was France and this caused concerns for investors which saw the GBP to EUR rate hit a three-month low.

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Despite this, the currency managed to recover some losses after reports emerged about a Brexit deal getting closer. As trading closed for the day, the Pound finished the day at 1.0992 against the Euro and 1.3349 against the US Dollar according to the Foreign Exchange Market.

It was a mixed day for the Euro as the single currency was pushed lower due to investors rushing to the US Dollar. Despite this, the single currency picked up momentum during the latter part of the day and this was down to an improvement in consumer confidence.

The US Dollar climbed higher after coronavirus worries forced a sell-off in equity markets, making the safe-haven currency popular with investors. However, these gains were tempered slightly following enhanced optimism over the next batch of US stimulus prior to the US Senate passing a new $900bn package

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