Pound Gathers Momentum After Brexit Hope

There were some good gains seen by the Pound as the session closed on Friday. This came after further news became apparent that Brexit talks are going to continue even though the November deadline had been missed, something that helped to boost the appeal of the currency. This week, as talks continue, all eyes will be on further developments with the Pound surging should a trade deal be reached before the imminent EU summit. As trading ended on Friday, the Pound rounded the day off at 1.1162 against the Euro and 1.3222 against the US Dollar according to the Foreign Exchange Market.

The Euro performed strongly on Friday with signs that coronavirus infections are levelling off in some countries. Despite this, gains were not apparent as the latest Eurozone GDP estimate was revised lower during the third quarter. This week, investors are going to be watching the coronavirus situation and that will determine how the Euro performs.

At the end of last week, the US Dollar was on the defensive as consumer sentiment had dropped in November, driven by increasing coronavirus cases and political uncertainty. This week, retail sales will drive the direction of the US Dollar.

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