UK Lockdown Restrictions Ease Helping to Steady the Pound

The Pound managed to limit any losses on Friday after it struggled through the week as a result of vaccine concerns and the potential blood clot link.

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According to the Foreign Exchange Market, the currency managed to hold at 1.1519 against the Euro and while it held at 1.3709 against the US Dollar. This week might be a different one for the Pound as the next milestone on the roadmap out of coronavirus restrictions is hit, with the economy opening up further.

Last Friday, the Euro struggled as a result of poor German industrial production figures as well as a rebound in the US Dollar. German industrial production contracted for a second consecutive month although the latest retail figures could give the currency a boost should they reach the target of 1.5% growth.

The US Dollar finished off the week strongly after the demand for the safe-haven currency increased. A rise in the US producer price index also gave the US Dollar a surprise boost and that could lead to the Federal Reserve raising interest rates sooner than expected.

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