Remarks From BoE Helps Pound to Strengthen

The Pound strengthened on Thursday following talk from the Bank of England that if the economy continues to perform as it is, then it might need to begin tapering bond purchases soon.

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This comes after UK inflation increased by 2.5% in June and with no UK data released today, all eyes will be on coronavirus statistics. However, at the end of trading yesterday, the currency finished at 1.1708 against the Euro and 1.3831 against the US Dollar according to the Foreign Exchange Market.

A strengthening US dollar placed pressure on the Euro yesterday and ongoing fears about increasing Delta coronavirus cases. There are concerns that rising cases and further restrictions could have an impact on the economy and its recovery. The Bloc CPI and an increasing trade surplus could help to bolster the single currency today.

Through trading yesterday, the US Dollar firmed as a drop in market sentiment helped to boost the Greenback. This change in market sentiment follows the increase in Delta variant cases around the world and signs that the global economic recovery could be slowing down. However, it could see further support today if the latest retail sales figures are favourable.

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