Subdued Day for Euro and Pound While USD Improves

The Pound experienced a rangebound day of trading on Wednesday.

This was down to a number of factors such as the final manufacturing PMI which gave a varied picture of factory activity. Along with this, comments from the Bank of England placed pressure on the currency after it warned that the economy still has some work to do until it recovers. This saw the Pound finish at 1.1730 against the Euro and 1.3278 against the US Dollar according to the Foreign Exchange Market.

It was also a muted day for the Euro as it remained motionless after the release of the Eurozone’s finalised manufacturing PMI. The reading was high but the report still indicated that there are still supply issues. This proved that the reading is hiding the reality which is that businesses are facing tough challenges and that supply chains are continuing to deteriorate. 

It was a volatile day for the US Dollar although it did make up some ground in the Afternoon following comments from the Federal Reserve. Along with this, the ADP payrolls data came in better than expected, highlighting that a continued recovery was ongoing in the US labour market while ISM manufacturing also beat expectations.

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