DAILY MARKET NEWS: Covid-19 Treatment Hopes Halt US Dollar Rate Rally
As Friday came to a close the Pound made some decent gains, which meant that it ended the week in a higher position against many of its peers. This improvement in the foreign exchange rate indicated that the currency is undervalued. As a result of the problems that came after the arrival of the current pandemic. So, on Friday, the Pound remained steady as it finished up at 1.1505 against the Euro, and 1.2510 against the dollar.
The Euro had a relatively mixed week last week but on Friday, it remained relatively directionless as it ended the week down against the Pound. However, investors still remain hesitant to commit to international payments, as they continue to monitor the problems relating to unity within the EU, while the latest ZEW economic surveys are likely to be their main focus during the first half of this week.
For the dollar, the week ended relatively motionless, as the safe-haven currency demand dropped as a result of positive progress reports in relation to treatments for Covid-19. However, it is likely to be another choppy week for the Dollar, as it aims to deal with more jobless claims.