US Dollar Moves Upwards While Brexit Extension aids Pound

The pound finished Tuesday in a relatively strong position against the Euro at 1.12 and it has started in the same way today. However, the talks relating to the Brexit transition period extension could be the reason for the strength in the currency. As it currently stands, the Brexit trade talks have come to a halt and that could mean that the deadline of June is highly unlikely.

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The Euro continued to struggle through Tuesday as the Coronavirus still caused havoc, with Italy in particular, adding to the woes. There is no doubt that investors will be monitoring the situation closely but the Eurozone’s final PMI figures will also have a significant impact on how the Euro performs today.

The foreign exchange market has indicated that the US Dollar continued its upwards momentum yesterday as market sentiment was dampened by the coronavirus reaching 1.23 against the GBP.  However, the ISM manufacturing index is soon to be released and that will be of significant importance for investors. This could prove to be a challenge for the US Dollar and international payments, especially if there has been a drop in factory growth over the last month.

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