US Dollar Gets a Boost While Euro Suffers

On Thursday, the Pound managed to pull further away from its peers after the impressive services PMI gave it a boost.

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The figure indicated that the services sector grew to a new 24-year high. Despite this, its appeal was limited as increasing delta cases and the removal of Portugal from the green travel list left investors slightly concerned. This saw the currency end the day at 1.1631 against the Euro and 1.4108 against the US Dollar according to the Foreign Exchange Market.

There was a lot of pressure placed on the Euro yesterday as strong US data releases mean that the single currency suffered as a result of negative correlation with the US Dollar. However, the losses were limited as the Eurozone’s final services PMI came in better than expected, growing at a rate not seen for three years.

Following the release of US data, the US Dollar surged yesterday, with ISM non-manufacturing showing growth in the services sector and jobless claims dropping again. USD investors were also impressed by the ADPs jobs report coming in 50% higher than expected. If employment figures show more improvements in the labour market then the US Dollar could perform well today.

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