Pound Regains Losses while US Dollar Suffers

On Monday, the Pound started positively as it made up for some of the losses it experienced last week following the decision from the Bank of England on interest rates.

While there was no clear indication as to what caused the positive start, it was put down to investors looking to make investments at the right price. This saw the currency finish the day at 1.1705 against the Euro and 1.3563 against the US Dollar according to the Foreign Exchange Market.

It was a quiet day for the Euro on Monday as it reacted to dovish remarks from the European Central Bank. It stated that it would be counterproductive to rapidly tighten monetary policy following the recent rise in inflation across the Eurozone. However, the single currency could struggle today if the German ZEW economic index comes in below expectations.

The US Dollar lost ground to many of its peers as a risk-on mood drove down demand for the currency. This improvement in market mood was driven by the news that the new Covid-19 pill from Pfizer was highly effective while the reopening of travel between the UK and the US also acted as a catalyst for the risk-on mood.

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