UK Reopening Gives Pound to US Dollar a Boost

The end of last week ended in a  strong position for the Pound following the increased revision of the latest manufacturing PMI.

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This saw the manufacturing PMI increased to 58.9 in March. However, as this week unfolds, investors will have their focus on the progress made with the current vaccine rollout and the reopening of the country at its next stage. At the end of the last week, the currency finished at 1.1746 against the Euro and 1.3837 according to the Foreign Exchange Market.

There was limited support for the Euro at the latter part of last week as the gains seen in German retail sales were limited. Along with this, further lockdowns in Italy and France placed pressure on the single currency. This week’s session is going to be focused on the current coronavirus situation and how the EU plans to improve the vaccine rollout.

As Thursday came to a close, the US Dollar was muted as jobless claims increased although support did come in the form of an improved payroll reading. Despite this, the Greenback has struggled to start the week on the same footing as it ended last week.

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