New Two Month Low for Pound to US Dollar Rate

On Wednesday the Pound moved lower against a number of its peers as it reacted to a disappointing consumer price index, which saw domestic inflation slow.

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However, there was some positive news as the latest PMI figures indicated that the UK had rebounded in the UK service sector in march. At the end of the day, the currency finished at 1.1587 against the Euro and 1.3689 against the US Dollar according to the Foreign Exchange Market.

It was another day of struggles for the Euro as it still battled against the increasing coronavirus cases throughout Europe. Despite this, it was able to limit any losses as the latest PMI figures from the bloc showed that the private sector had seen growth during March following a record increase in manufacturing activity.

Wednesday saw the US Dollar on the offensive during trading as investors continued to flock to the safe-haven currency as a result of a downturn in market mood. However, the gains were limited after the latest data indicated that US durable goods orders during February had dropped. Some strong GDP figures today could see the US dollar continue its forward trajectory through trading today.

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