DAILY MARKET NEWS: Potential US Military Action Helps the Pound and Euro Make Gains
Tuesday came with some good news for the Pound as the currency made some good gains. The market mood took an upturn and this helped to boost its performance according to the Foreign Exchange rates. However, Brexit negotiations are still weighing heavily on the performance of the Pound while the recovery of the economy during the Covid-19 pandemic is still playing a part in its performance. Yesterday, the Pound finished the day at 1.1230 against the Euro and 1.2549 against the US Dollar.
Weakness in the US Dollar forced the Euro upwards yesterday while there was more hope of better fortunes for the economy as it begins to slowly reopen. This could mean that investors might be looking to make international payments once again as the chances of recovery are looking much improved.
The US Dollar slipped backwards through yesterday which is no surprise given the riots and civil unrest that is causing many problems for the country and its economy. With military action on the horizon, it is likely that any US Dollar investors are going to consider moving their investment elsewhere. However, today could see even more pressure placed on the US Dollar exchange rates.