New One-Week Low For Pound to US Dollar

The Pound experienced very little movement on Monday despite the government claiming that every adult will receive their first vaccine by early June.

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However, a lack of movement was likely due to the news that the EU had launched legal action against the UK for carrying out unilateral changes to the Northern Ireland trade arrangement. So, as trading closed on Monday the currency finished the day at 1.1654 against the Euro and 1.3899 against the US Dollar according to the Foreign Exchange Market.

There was little support for the Euro on Monday following poor results in regional elections for German Chancellor Angela Merkel. This caused concerns around the political future in Germany although the news of the suspension of the AstraZeneca vaccine in a number of countries in the EU also caused problems for the single currency. The publication of the latest ZEW surveys in Germany will be the main focus today.

It was a solid start to the week for the US Dollar as it gained support from increasing Treasury Yields which almost touched a one-year high. The Empire State manufacturing index also bolstered the Greenback although the latest US retail sales figures are going to be in the spotlight today.

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