Pound to US Dollar Rate Holds Firm

The Pound nudged higher on Wednesday as investors embraced the 2021 budget statement from Chancellor Rishi Sunak, as he made it clear that he will do everything possible to help the recovery of the economy.

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However, news that corporation tax would be increased in 2023, placed a limit on any upwards movement. While there were no notable data released, the rest of this week will be focused on coronavirus progress and cases. However, according to the Foreign Exchange Market, the currency finished the day at 1.1557 against the Euro and 1.3927 against the US Dollar.

The Euro struggled against its peers yesterday as its negative correlation with the US Dollar failed to bolster its appeal. The latest PMI figures for the Eurozone were also disappointing, showing that it contracted for the 6th month in a row, placing further pressure on the single currency.

Another increase in US Treasury yields gave the US Dollar a boost yesterday but these gains were tempered by the latest ISM non-manufacturing PMI which were lower than expected during February. During the rest of the week, the latest US jobless figures are likely to play a pivotal role in the direction of the currency.

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