Pound Loses Ground Against USD and Euro

Wednesday saw the Pound suffer some significant losses after the EU Chief Brexit negotiator Michel Barnier played down the news that talks were progressing. As he intimated that talks were still very much uncertain it meant that the currency lost the gains it had made on Tuesday. As the week rolls to a close, it is likely that the Pound is going to suffer as a result of Brexit talks while the news of a vaccine rollout isn’t going to be enough to give it a boost. At the end of trading on Wednesday, the currency finished at 1.1036 against the Euro and 1.3370 against the US Dollar according to the Foreign Exchange Market.

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The Euro nudged higher on Wednesday following the news that the vaccine from Pfizer is being rolled out next week with the EU to follow suit soon and that boosted market sentiment. The Euro will be guided by the Eurozone retail figures today with a growth in sales giving the single currency a further boost.

The US Dollar sell off slowed down yesterday amid news that a new US Stimulus package is likely and that helped to enhance market sentiment which saw a drop in demand for the Greenback. However, US Dollar investors will be monitoring the latest ISM non-manufacturing PMI today.

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