US Dollar Takes a Firm Stance Against the Pound and Euro

The Pound moved higher on Thursday, as the currency started to benefit from the further opening of the economy as well as the continued success of the vaccine rollout.

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While the upswing proved promising, gains were limited after ongoing scandals within the government continued to cause concerns. With little data on the horizon, attention will be turning to the local and Scottish parliamentary elections. However, at the end of trading yesterday, the currency finished at 1.1503 against the Euro and 1.3944 against the US Dollar according to the Foreign Exchange Market.

The Euro threaded lower yesterday after its negative correlation with the US Dollar saw it weaken once USD started to rise. This downward trend couldn’t be prevented by the news that Germany’s consumer price index was better-than-expected as it showed an increase in domestic inflation.

The US Dollar experienced some modest gains yesterday following a release of the latest GDP data. This saw the economy grow at a faster pace than expected during Q1 of 2021. While this was good news for the US Dollar, the figures also increased risk sentiment and this placed a limit on any gains. 

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