Pound Left Fighting Hard Easing of Lockdown Restrictions
Tuesday saw the Pound meet with varying challenges, as the currency weakened against the Euro, finishing the day at 1.1069 down from 1.1079 the previous day, the currency, however, did improve against the US Dollar according to the foreign exchange market as it rounded off the day at 1.2518. Despite this, even further relaxing of the lockdown measures could not bolster the pound further although there was some hope following the news that the manufacturing sector experienced growth during June.
The Euro pushed forward on Tuesday after the latest PMI figures left investors feeling hopeful that the economy is recovering and making progress. This was bolstered by the fact that the manufacturing and services sectors both performed better than expected this month. Today, Germany is releasing its latest IFO business index reports and this could again help the Euro to strengthen again.
There was a lot of selling pressure on the US Dollar throughout the session yesterday following the news that the US-China trade deal that was signed in January had not been cancelled. However, there is likely to be challenges for the US Dollar today which could cause problems for it.