Pound to Euro Rebounds While US Dollar Thrives

On Wednesday, the Pound struggled to find any direction although the Pound Euro rate did manage to creep up after its recent poor performance.

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The UK announced that it would be extending the vaccine programme to anyone over 30 and that helped the currency to make some decent gains. This helped to avoid any losses that could have been linked to an increase in coronavirus cases. However, the currency finished at 1.158 against the Euro and 1.412 against the US Dollar according to the Foreign Exchange Market.

The Euro shrunk on Wednesday after the currency suffered at the hands of profit taking. A negative correlation with the US Dollar also forced pressure on the Euro, causing it to slump as the US Dollar looked to rebound. All eyes will be on the European Central Bank today and its latest speech.

There was a recovery on the cards for the US Dollar yesterday as a drop in market sentiment boosted demand for the safe-haven currency. These gains were also supported by news that inflation would meet the target for the Federal Reserve to begin tapering bond purchases.

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