UK Supply Chain Concerns Didn’t Stop the Pound From Strengthening

The Pound had an improved run on Thursday, as it took advantage of its rivals weakening.

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The UK supply chain issue is still a cause for concern as it could lead to high prices and labour shortages. Despite there being no real driver for the gains, the currency finished at 1.1653 against the Euro and 1.3837 against the US Dollar according to the Foreign Exchange Market. The final services PMI released today could show that activity has slowed in the service sector and that could weigh on the Pound.

The Euro lost some ground against many of its rivals yesterday as a lack of data resulted in very little movement. However, the losses were limited by the negative correlation between the Euro and the US Dollar, as the latter dropped throughout the day. 

The US Dollar ticked even lower yesterday, eventually reaching a two-week low against the Pound and a one-month low against the Euro. This came as a result of a change in market sentiment as an increase in risk was put down to some positive data releases with non-farm productivity, initial jobless claims and factory orders all coming in above expectations.

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