New One-Year High for Pound to Euro

As the week came to an end, the Pound rallied following news that UK retail sales had rebounded in February.

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This helped to boost the currency while the ongoing vaccine programme is continuing to gather pace with over 30 million people vaccinated. Investors are going to keep an eye on coronavirus statistics this week as the UK begins to take more steps towards normality. On Friday, the Pound finished the day at 1.1687 against the Euro and 1.3784 against the US Dollar according to the Foreign Exchange Market.

The Euro edged slightly higher on Friday after German business sentiment increased to its highest level since June 2019. However, the gains were short-lived as tensions between France and Germany rose in relation to Covid-19 testing. It’s likely to be the ongoing Covid-19 developments that investors will be monitoring this week.

It was a quiet end to the week for the US Dollar after personal spending dropped considerably as well as core inflation in February. There were also signs that coronavirus cases were rising again after they had dropped, hinting that restrictions could be brought in again.

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