Rates Put on Hold by the BoE While Pound to US Dollar Struggles

It was a mixed day of trading for the Pound on Thursday as the Pound to US Dollar rate slipped slightly to 1.3925 although the Pound to Euro did increase to 1.1684 according to the Foreign Exchange Market.

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The lack of direction came following news that the Bank of England was still holding interest rates although there was an upbeat mood about the UK economy. 

The Euro found itself on the defensive yesterday as the negative correlation with the US Dollar saw it fall back as the US Dollar advanced. The European Central Bank also announced that inflation was likely to accelerate and that also limited the appeal of the Euro. Adding to the woes of the single currency, it is likely that it is going to face further pressure as more parts of Europe find themselves going back into lockdown and facing a third wave.

The US Dollar rebounded yesterday after US Treasury yields increased and reached their highest levels since January 2020. These gains were limited as the US initial jobless claims saw an unexpected rise and that placed pressure on the appeal of the US Dollar through Thursday.

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