DAILY MARKET NEWS: Fresh Brexit Hope Keeps The Pound Steady
The Pound gathered some momentum during Monday as it finished the day at 1.1142 against the Euro and 1.2623 against the US dollar according to the Foreign Exchange market. This indicates that the Pound had made improvements against its performance at the end of last week. Along with this, there was fresh hope of a Brexit deal after Boris Johnson held a virtual meeting. Despite this, there has been an increase in unemployment and that could have a significant impact on the performance of the currency today.
The weak Eurozone trade figures were worse than expected on Monday and that meant that the Euro did not perform too well. This was met with the news that there was a trade surplus during April of €2.9bn which is down from €28.2bn in March. However, the single currency might make some progress today as it is likely to be announced that the economic sentiment was continuing to improve.
Investors made moves to the safety of the US Dollar on Monday as there were concerns of an increase in coronavirus cases, however, the gains were short-lived as the closing of the European session resulted in an increase in risk appetite, and the ability to take advantage of some profit.