Trade Sentiment Leaves GBP to USD Rate Volatile

At the start of the week, the Pound experienced some losses based on the ongoing impact that the current restrictions are having on the economy in the UK.

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However, the losses were limited after news that the current vaccination rollout is gathering speed, with news that every adult could have their vaccine by September giving the currency a boost. This saw the Pound finish the day at 1.1244 against the Euro and 1.358 against the US Dollar according to the Foreign Exchange Market.

There was very little momentum for the Euro on Monday after it continued to look as though the single currency would be influenced by the potential collapse of the Italian Government. Despite this, significant losses were prevented by further German political news relating to the new leader of Angela Merkel’s CDU Party, increasing hopes for economic prosperity.

The US Dollar saw some decent gains yesterday as the market mood remained mixed with investors taking advantage of the safe-haven currency. A surge in covid-19 cases didn’t hold the currency back and this helped to offset some solid Chinese GDP figures. The main focus for investors will be the inauguration of Joe Biden and the policies that he plans to prioritise

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