Strong End to the Week for the Pound

On Friday, the Pound strengthened even though GDP missed didn’t quite reach the expected forecasts.

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However, the upside in the currency occurred following news that restrictions are likely to be dropped on the 19th of July, giving it a boost. Furthermore, the balance of trade figures also helped to boost the Pound as there was a trade surplus for the first time since June 2020. The currency closed the day at 1.1709 against the Euro and 1.3907 against the US Dollar according to the Foreign Exchange Market.

Through the session on Friday, the Euro lost some ground although it did make gains against the US Dollar. There was a lack of data releases and that left the single currency exposed to losses while other currencies made gains. The start of this week could see the currency bolster the currency as an increase in wholesale prices in Germany is expected.

The US Dollar also lost some of its footings on Friday following an increase in global risk appetite, which left demand for the Greenback low. This drop came despite a rebound in US Treasury yields, with them breaching the 1.36 mark.

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