Slight Dip in Pound to US Dollar Rate

The Pound was relatively quiet on Thursday after the Bank of England claimed that the demands from the EU regarding the next round of Brexit talks are unrealistic.

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The BoE indicated that the stance from the EU could suggest that there are plans to cut the UK off from its financial markets. However, the Pound is going to be influenced by the release of the GDP figures which have shown that the economy shrunk by 9.9% in 2020, the most since records began. According to the Foreign Exchange Markets, the Pound finished the day at 1.1385 against the Euro and 1.3811 against the US Dollar.

The Euro gained more from the negative correlation with the US Dollar although any gains were limited by the continued slow rollout of the vaccination programme across the Eurozone. However, the single currency is likely to be buoyed by its position against the US Dollar through trading today.

Falling US Treasury yields and an improvement in market sentiment has meant that the US Dollar has struggled to gain any momentum. The number of US jobless claims had also increased and that placed even further pressure on the Greenback as trading came to a close on Thursday.

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