Pound Loses Some Of Its Gains as GBP/USD Rate Falls

Despite the Pound skyrocketing on Wednesday, it was a different story during trading on Thursday. After some profit-taking, the Pound lost some ground which saw it drop down to 1.3081 against the US Dollar and 1.1065 against the Euro according to the Foreign Exchange Market. Despite this, the selling was suppressed by the news that the UK government was going to offer additional support for jobs that had been impacted by new coronavirus restrictions.

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The Euro experienced a fairly dismal Thursday following further news that coronavirus was continuing to cause problems across Europe. With Germany recording record cases and France recording a total of more than 1 million coronavirus cases, it meant that the single currency suffered from speculation that more restrictions are going to be implemented sooner rather than later.

The US Dollar managed to recover some of the losses seen on Wednesday after concerns over US stimulus talks created a new aversion to risk. There are suggestions that a US stimulus bill could be in place before election day although the markets still remained sceptical about this. However, coronavirus is still spreading around the country although figures released today could help bolster the currency, particularly if it shows that economic activity remained fairly solid this month.

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