Pound Recovers Losses While US Dollar Dips

On Friday, the Pound managed to claw back some of its losses as it saw improvements against the US Dollar and the Euro, finishing at 1.3825 and 1.1652 respectively according to the Foreign Exchange Market.

These gains came after further news was announced that the 19th July reopening was still likely to take place, giving investors a boost. Today, the final service PMI might add some weight to the currency with the expansion of the service sector still looking strong.

The Euro lost ground on Friday after comments from the European Central Bank, whereby it still maintains its accommodative approach to monetary policy. It also added that the economic recovery was still fragile and so, demand for the single currency waned. 

The non-farm payrolls figures came in higher than expected but this still forced the US Dollar to dip on Friday. The safe-haven currency also suffered at the hands of some profit-taking but it did manage to keep hold of some of the gains it had seen during the week. Today, there is no notable data expected which means that the currency is likely to be driven by risk appetite.


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