Following the release of the lockdown exit roadmap, the Pound rounded off a strong start to Monday.
As the Foreign Exchange Market indicated, the currency still made gains against the US Dollar reaching $1.4071 and €1.1566 against the Euro. While investors had hoped for a more streamlined approach to lockdown easing, a better summer and future was enough to drive the Pound forward. However, the latest job figures show that unemployment climbed in December and that could place pressure on the Pound.
The Euro nudged higher yesterday as it continued to follow the negative correlation with the US Dollar. The European Central Bank also claimed to be able to offer support to all areas of the community via the Pandemic Emergency purchase Programme. Today, the latest consumer price index could provide further support to the Euro, potentially showing that inflation bounced back sharply.
It was a defensive start for the US Dollar on Monday as an improved market sentiment decreased demand for the safe-haven currency. US Treasury yields also pulled back during the European trading session, placing further pressure on the currency.