Pound Stands Strong After Economy Looks To Be Strengthening

The Pound stood firm throughout trading on Monday as comments from the Bank of England relating to the rapid recovery of the economy left investors feeling upbeat. With the economy rising by around 1% per week and the risk to jobs diminishing, things look to be improving for the UK. At the end of trading on Monday, the Foreign Exchange market saw the currency finish the day at 1.1037 against the Euro and 1.3105 against the US Dollar.

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The Euro moved higher through the trading session on Monday as the central bank of Germany set out more positive news in its most recent monthly report. The largest economy in Europe is likely to increase throughout the remainder of summer with consumers increasing spending as lockdown measures continue to ease.

It was a different story for the US Dollar as it had to go on the defensive yesterday as market sentiment improved leaving the safe-haven currency slightly vulnerable. Along with this, the six-month review of the US-China phase one trade deal had been postponed. Through trading on Tuesday, investors are going to keep an eye on the situation in Washington as claims that Donald Trump is attempting to sabotage the upcoming election could impact the US Dollar.

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