DAILY MARKET NEWS: Brexit Uncertainty Still Causing Problems For the Pound
The Pound made improvements through Monday, clinging on to the momentum it had gathered at the end of last week. The foreign exchange rate shows that the Pound ended the day at 1.2736 against the US Dollar and 1.1276 against the Euro. The gains that the currency had made are still not encouraging investors to make international payments as there are still concerns around a no-deal Brexit. However, the impact of Coronavirus on the economy is still the main focus as there is no data to shift the focus at the moment.
Monday was a slightly different day for the Euro as it started the day off on the back foot although as the session went on, there was more support for it. This came off the back of further clarification from the European Central Bank that it was going to help the economy during the recovery from the damage caused by the Coronavirus.
It was improvements in the market mood that saw the US Dollar struggle, meaning that the safe-haven currency was not as appealing as it usually is. Despite the losses, there were improvements due to the fact that some of the protests and civil unrest had eased throughout the US.