Pound Loses Gains as a Lack of Data Offers Little Support

The Pound lost momentum on Thursday as a sell-off saw the currency lose some of its gains.

There was a lack of data driving the Pound in any direction while ongoing concerns around Brexit also weighed heavily on the currency. As a new fishing dispute with Denmark broke out, it seems as though the currency might face some turbulent times in the near future. At the end of trading, the Pound finished at 1.1874 against the Euro and 1.3499 against the US Dollar according to the Foreign Exchange Market.

The Euro managed to make up some ground after hitting new lows but this looked to be more of a technical correction than one that is driven by other events. The European Central Bank speeches helped the single currency to recover as policymakers avoided any comments that might have caused problems for the currency.

It was a mixed day for the US Dollar yesterday as it started the day on a downward trend following low Treasury yields and investors taking on a risk-on mood. The Philadelphia Fed manufacturing index came in strong, helping the safe-haven currency to recover later in the day. However, the gains were capped as initial jobless claims came in higher than expected.

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