Strong End to the Week for the Pound While Euro Edges Higher

At the end of last week, the Pound strengthened finishing the week at 1.1544 against the Euro and 1.3832 against the US Dollar according to the Foreign Exchange Market.

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With improvements in trade and easing worries over the vaccine programme, things looked promising for the currency. While this positive news boosted the Pound, news that UK exports have halved this year tempered any gains. This week, the latest jobs report could dictate the direction of the Pound.

The Euro nudged higher on Friday after it gained support from a pullback in the US Dollar, indicating that Europe might have made progress in the fight against Covid-19. This came as Paris reported that cases are dropping while the vaccine rollout continues to gather pace with almost 20% of the population having its first vaccination. This week, investors will focus on the European Central Bank’s latest policy meeting although no policy changes are expected.

The US Dollar fell on Friday as a risk-on mood left the currency struggling while US Treasury yields also had a negative impact on the direction of the currency. The losses increased further after news emerged from the University of Michigan indicating that consumer sentiment fell below expectations in April.

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