Pound to Euro Hits New One-Week High

On Thursday, the Pound to Euro rate crept up to 1.161 while it dropped to 1.3893 against the US Dollar according to the Foreign Exchange Market.

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Investors continued to digest the latest budget news and although there is a concern around taxes, investors are optimistic that the UK will see a quick rebound when it comes to the economy and growth. However, much of the focus still remains on coronavirus figures and the roadmap out of the current lockdown.

It was a defensive day for the Euro yesterday after poor retail sales really let the single currency down. Sales growth had dropped from 1.8% to -5.9% in January which was more than expected and that placed pressure on the Euro. Despite this, today looks as though it could be more productive for the currency after German factory orders rebounded in January.

The US Dollar pushed down lower yesterday after a pullback in Treasury yields lowered demand for the Greenback despite jobless claims coming in lower than expected. However, following the speech from the Federal Reserve, the currency increased considerably as US Bond yields rally rapidly.

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