DAILY MARKET NEWS: Two Month Low for Pound and Euro
As Friday brought an end to the week, the Pound finished at 1.1046 against the Euro which was lower than the previous day. According to the foreign exchange market, the currency also struggled against the US Dollar too, finishing the week at 1.2349. The Pound struggled somewhat and that was down to the news that the Bank of England would be improving the monetary easing. However, improvements in retail sales highlighted that the economy might slowly be getting back on its feet after the impact of Covid-19.
There was little movement for the Euro on Friday as the currency struggled from a lack of confidence from investors ahead of the EU summit of leaders. The lack of compromise in relation to the terms of the EU’s coronavirus recovery fund is likely to weigh heavily on the shoulders of the single currency this week.
In contrast, the US Dollar struggled as a result of an improved market mood and so, there was not much movement. A lack of confidence stemmed from the fact that the Federal Reserve Chair claimed that the US economy was likely to face a lot of uncertainties moving forward as a result of coronavirus.