Pound Stands Firm After Fresh Brexit Hopes
On the whole, the Pound saw some slight improvements on the foreign exchange market as it made some ground against the Euro and the US dollar. The currency ended the day at 1.107 and 1.2422 respectively, making improvements when compared to the previous days trading. There was some hope for the currency after it became apparent that the EU’s chief Brexit negotiator seems happy to ease the pressure when it comes to creating a level playing field, although this would only be done if it did not cause problems for the single market.
It was a relatively slow day for the Euro as the single currency moved in negative correlation with the US Dollar. Despite this, losses were minimised after it was announced that it was looking as though the economy was beginning to recover after the impact of Covid-19.
There was better news for the US Dollar during Thursday, after the spike in cases across the country resulted in investors making moves to the safe-haven currency. There was also hope of economic recovery after durable goods orders had bounced back stronger than experts had expected. However, the hope might be diminished later today after release of the latest PCE price index is likely to indicate that the economy is still suffering.