Market News

DAILY MARKET NEWS: The Pound Rallies After News of Economy Opening Up

27 May 2020

After the news that shops and other non-essential businesses are due to open in June, the Pound made good gains. The fresh hope of a kick-start for the economy improved sentiment in the currency and that meant that it finished Tuesday in a better position than the previous days. As a result, the Foreign Exchange rate indicated that the pound came in at 1.1232 against the Euro and 1.2335 against the US Dollar.

It was a challenging day for the Euro as the single currency couldn’t gain any traction. This came following the news that the latest consumer confidence survey in Germany reported that people were still relatively disillusioned by the current situation. The European Central Bank could have an impact on the rate and improve the potential of seeing more international payments following the speech from President Christine Lagarde.

Tuesday saw the US Dollar take a tumble after investors choose to move their investments from the safe-haven currency. This came after news of human trials beginning on a vaccine for the coronavirus. Still, the growing tensions between the US and China continue to rumble on and that could see the dollar overturn some of its losses.

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