Pound Stalls as Euro Gains Ground

The Pound saw very little movement during trading on Thursday as news that Boris Johnson was concerned about the Indian variant of the coronavirus left investors bemused and worried.

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However, helping to limit any losses were the latest comments from the Bank of England which claimed that the UK economy is going to thrive in the next few months. As a result, the currency rounded off the day at 1.1629 against the Euro and 1.4046 against the US Dollar according to the Foreign Exchange Market.

The Euro moved higher yesterday as the speed of the vaccine rollout across Europe and increasing optimism helped to give the currency a boost. This was also supported by the negative correlation with the US Dollar, as the Dollar suffered from selling pressure.

The US Dollar lost some ground yesterday following a decent shortfall in US Treasury yields, losing some of the gains it had made on Wednesday. Despite this, US investors were still boosted by the latest US jobless claims which have now fallen to a new low. The latest retail sales figures are likely to determine the direction of the currency today as it is expected that sales slowed during April.

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