Supply Chain Concerns Puts Pressure on Pound

There was very little movement for the Pound on Wednesday as ongoing supply chain issues left investors concerned.


The reports of increased disruption left traders unsettled as this is likely to have a significant impact on the economic recovery in the second half of the year. As a result, the Pound finished the day at 1.1692 against the Euro and 1.3762 against the US Dollar according to the Foreign Exchange Market.

During trading yesterday, the Euro nudged lower following the latest German IFO business climate index which came in lower than expected which caused concerns about the largest economy in the EU. Comments from the European Central Bank suggested that it is too early to discuss the finalisation of the pandemic stimulus measures.

The US Dollar Edged higher against many of its peers as the recent US durable goods orders came in above expectations. Goods order growth dropped by 0.1% which meant that it beat forecasts while a drop in market sentiment also helped to boost the appeal of the Greenback.


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