Pound Soars as US Dollar Experiences A Dip

Through Monday’s session, the Pound rallies with the potential hawkish change in the Bank of England’s outlook later this week enhancing expectations.

After the US Federal Reserve’s Projections for a sooner-than-expected rate increase as well as a rise in inflation in the UK, it’s expected that the Bank of England will take a stern stance on the decision they make. At the end of trading yesterday, the currency finished at 1.1692 against the Euro and 1.393 against the US Dollar according to the Foreign Exchange Market.

The Euro lost some ground yesterday against many of its peers even though the Euro/USD rate increased following a drop in the US Dollar. The European Central Bank announced that tightening would be too soon and that could have a negative impact on the economic recovery. However, the single currency could get some support from an improvement in consumer confidence looking ahead.

A change in market mood forced the US Dollar to dip yesterday and this left investors taking profits. A shift in global risk sentiment results in the selling-off in USD although the Greenback still held firm after the Fed’s dovish comments still helped to support the currency.


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