Pound to US Dollar Rate Rallies

It was a day of stability for the Pound on Wednesday after the ongoing success of the vaccine programme continued to support the currency.

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However, the opening of schools and the potential rise in cases over the coming weeks forced investors to show concern. The Pound is likely to be on its own for the remainder of the week with no data released. At the end of trading yesterday, the Pound finished the day at 1.1682 against the Euro and 1.3931 against the US Dollar according to the Foreign Exchange Market.

There was little movement in the Euro yesterday with the only gains coming against the US Dollar. With no economic data and concerns about the vaccine rollout, the Euro was fairly subdued. However, the European Central Bank rate decision due today is going to have an impact on the direction of the single currency.

The US Dollar nudged lower on Wednesday following the weakening of the US Treasury yields following the latest consumer price index. Inflation followed expectations during February while core inflation dropped, all of which helped to ease any concerns around inflationary pressures. The main focus for today will be the US initial jobless claims figure as this could see the US dollar make a recovery should it fall.

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