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The Pound faced some strong headwinds on Tuesday as the Pound to US Dollar rate took a nosedive to 1.2936 while the Pound to Euro rate also dropped slightly to 1.1059 according to the Foreign Exchange Market. It was more uncertainty surrounding the Brexit trade talks that concerned markets although the latest jobs report indicated that unemployment had reached a new three year high in August. The performance on the currency is also going to be governed by the new lockdown tiers that come into force today as the government aims to put a cap on the ever-increasing Coronavirus figures.

The latest ZEW survey pushed the Euro lower on Tuesday after a decrease in German economic sentiment caused uncertainty. Once again, coronavirus cases are causing more problems for the single currency as tighter lockdowns are being implemented, squeezing the economy further. Today, the Eurozone’s latest industrial production figures are going to be the main focus for investors.

The US Dollar performed well during trading yesterday as market sentiment took a downturn and so, investors turned to the safe-haven currency. More fears over a lack of stimulus package was a cause for concern while the imminent election is going to be the main focus today without any US data being released.

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