DAILY MARKET NEWS: Slow Brexit Talks Don’t Hold the Pound Back
After a relatively slow week for the Pound, it gathered some momentum on Friday, finishing the day strong against both the Euro and the US Dollar with foreign exchange rates of 1.1217 and 1.2666 respectively. While the currency was held back due to a lack of progress with Brexit negotiations, there is fresh hope that the negotiations will continue this week. Along with this, the economy is making slow moves forward as coronavirus cases are continuing to drop in the UK.
The Euro rounded off Friday on the back foot after German factory orders came in worse than expected while the retail sector in Italy had also declined. Despite the Euro receiving a boost last week after the expansion of the asset-buying programme, it is likely that things are going to be slow again this week for the single currency.
It was a better day for the US Dollar on Friday as non-farm payrolls were better than expected. Along with this, the safe-haven currency also got a much-needed boost by the addition of 2.5 million jobs, proving that the economy is starting to improve. However, International payments are still lower than expected while information about interest rates could dictate how the US Dollar performs this week.