DAILY MARKET NEWS: Pound Gathers Momentum Against The Euro While the US Dollar Jumps
On Wednesday, the pound gathered some upward momentum as the currency continued to show some strength through its fifth consecutive session. All of this helped to move it into a new two-week high of 1.24 against the dollar and 1.14 against the Euro, making it favourable for international payments. However, despite the good news, it was followed up by further Coronavirus deaths and that could have an impact over the next few days.
Things were not so fortunate for the Euro as the Foreign Exchange Rate was at 1.09 against the dollar, as the single currency still suffered from the concerns of investors. All of this comes from the fact that the Eurozone’s finalised manufacturing PMI revealed that jobs are being cut in the bloc.
In contrast to this, the US Dollar improved again on Wednesday as the currency remained a safe haven, as concerns over the coronavirus continued to have a significant impact on the economy worldwide. However, the dollar was kept buoyant and appealing for many investors, as the US factory activity was reported to be more robust during the month of March than originally expected according to the most recent ISM manufacturing PMI.