US Dollar Rises as Pound and Euro Both Struggle

As the session on Monday unfolded, the Pound slipped lower as the Bank of England made some cautious comments and current Brexit concerns placed pressure on the Pound.

There were more challenges later in the day after another energy company fell victim to the energy problems that the UK is facing. All of this left investors concerned and forced the currency to tick lower. At the end of the day, the currency finished at 1.1918 against the Euro and 1.3397 against the US Dollar according to the Foreign Exchange Market.

It was a mixed day for the Euro as it took advantage of weak rivals although rising cases of Covid-19 and more lockdowns placed extra pressure on the economy and its recovery. There was more pressure for the single currency as consumer confidence dropped, putting a limit on the gains of the Euro.

The US Dollar had a wavering start to the day as markets waited on an announcement for the next chair of the Federal Reserve. As Jerome Powell was announced to stand for a second term, the Greenback made gains as US investors saw this as solid stability during a difficult period for the economy.

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