DAILY MARKET NEWS: Currency Markets Still Uncertain Amid Covid-19 Crisis
The pound started the day off well yesterday but as the second half of the European Session took place, the gains that the currency made began to drop off. However, the Bank of England has its latest policy meeting today and that could lead to further action being taken to help keep the economy as stable as possible while encouraging the movement of international payments.
It wasn’t good news for the Euro as the Foreign Exchange market, as well as other markets, saw it struggle to gain momentum. This was partly down to the way in which changes were made to the final business climate index in Germany which was pushed down even lower. Despite this, the drop in cases in Italy could help to prop the Euro up as the end of the week arrives.
The US Dollar struggled yesterday, especially after the announcement of it $2 trillion stimulus package which aimed to enhance market sentiment but also stop the movement of the Greenback. However, as the day progressed, the US Dollar managed to retrieve some of the losses thanks to the US durable goods reading as well as an increase in US treasury yields