Pound to Euro Reaches a New Nine-Month High

Monday saw a strong start for the Pound after it reached a nine-month high against the Euro of 1.1468 while it reached 1.3913 against the US Dollar according to the Foreign Exchange Market.

Optimism around the slow unlocking of the economy also gave the currency a boost while it was also confirmed that the government had also hit its vaccination target. As the day unfolds, if the news continues to be upbeat then it’s likely that the Pound will continue to push upwards through today.

It was a day of struggles for the Euro on Monday as the good news that Italy had brought in the former European Central Bank president as Prime Minister although this good news did not last long. Industrial production during December also experienced a larger-than-expected contraction, placing pressure on the pound. Today, the latest ZEW survey from Germany is likely to determine the direction of the Euro.

The US Dollar was shunned by investors as market sentiment improved. This was driven by optimism around the US Stimulus, with the focus being placed on the relief package of $1.9 trillion. However, there could be a recovery for the US Dollar today if there is an increase in US Treasury yields.

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