Pound Loses Gains and US Dollar Bounces Back

On Tuesday the Pound edged higher against a number of its rivals after Covid cases dropped for the fourth day in a row.

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In addition to this, the Confederation of British Industry’s Distributive trades also came in above expectations. Despite this, a downturn in market sentiment and profit-taking caused the Pound to lose some of those gains. However, upon closing, it finished at 1.1871 against the Euro and 1.3765 against the US Dollar according to the Foreign Exchange Market.

The Euro weakened against many of its rivals after Germany announced that cuts would be made to the GDP forecast for the country. The projections had been cut to 2.6% from 3.5%, with supply issues causing the largest economy in Europe to struggle. 

The US Dollar had mixed fortunes yesterday as it increased and dropped during the first European session, with market sentiment changing, causing it to take a downward trend by the middle of the day. Despite this, it clawed back some of its losses during the afternoon as risk appetite was stifled and there was an unexpected rise in US consumer confidence.

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