DAILY MARKET NEWS: Not A Huge Change for the Pound as The Euro Trips Up and the Dollar Makes Up Lost Ground
The Pound saw minimal improvements on Tuesday as it reached 1.13 against the Euro and 1.23 against the dollar. The increase in the foreign exchange rate might come as a surprise, especially as PM Boris Johnson still remains in intensive care. Despite this, improvement in the GBP could improve again if the condition of the Prime Minister gets to the point where he is moved from intensive care. However, investors might choose to take caution as it looks as though the lockdown is going to stay in place for some time yet.
The Euro finished Tuesday at 1.09 against the Dollar but it is likely that it is going to come under pressure today as the Eurozone Finance Ministers could not come to an agreement over how to deal with the economic fallout as a result of the coronavirus. In particular, the conditions that come attached to the Eurozone bailout funds are causing problems between Italy and the Netherlands.
An increase in risk appetite saw the dollar slide against the Euro but it did increase through the Asia Pacific session. Along with this, the USD exchange rates were also bolstered by the news that came from the lack of agreement between the Eurozone Finance Ministers.