Pound to US Dollar Breaks Through $1.34 Barrier

The Pound experienced very little in the way of movement on Tuesday after Brexit talks still remained uncertain. Despite this, as the European edged towards a close, the currency gathered some momentum after news emerged that talks had improved and had moved into the next phase whereby they became more intense. This caused the Pound to increase to 1.34 against the US Dollar although it didn’t perform as well against the Euro finishing at 1.12 against the Euro according to the Foreign Exchange Market.

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The Euro made a recovery on Tuesday after it fell behind overnight on Monday. This was boosted mainly by the broad weakness of the US Dollar and caused the exchange rate to soar to $1.20. This rise wasn’t dampened by the consumer price index coming in lower than expected, leaving the Eurozone in a state of deflation during November.

The sell-off continued for the US Dollar as market sentiment was boosted by news that another round of US stimulus might occur. This left demand for the Greenback struggling. However, more pressure was mounted on the US Dollar after the ISM manufacturing PMI did not meet expectations which meant that employment in the factory sector contracted during November.

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