Significant Rise in Gas Prices Sees Pound Lose Ground

During the session yesterday, the Pound slipped as further rises in gas prices placed pressure on the currency.

Following a pipeline capacity auction yesterday, it was clear that there was not going to be an increase in gas supplies from Russia into Europe. With no intervention from Moscow as promised, this saw prices rise and that meant that the Pound suffered as a result. At the end of trading, the Pound finished at 1.1826 against the Euro and 1.3731 against the US Dollar according to the Foreign Exchange Market.

It was a mixed day for the Euro as it strengthened against the Pound and the US Dollar although it slipped against many other peers during the afternoon. This loss of ground came following an improvement in market sentiment and that meant that investors showed an interest in assets that carried more risks while a lack of data also left the single currency open to offers. 

The US Dollar firmed on Monday as the start of the day during the European session saw investors take a risk-off approach. Despite this, the safe-haven currency lost ground during the afternoon as US industrial production shrunk during September and risk appetite improved.

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