Pound to US Dollar Reaches Three Month High

The Pound recovered some of its losses on Thursday, reaching a three month high against the US Dollar following hopes that the UK and EU were getting closer to a Brexit trade deal. However, there are concerns that France could try to stall a deal and that could cause the pound to experience some of its losses over the coming days. PMI data released on Thursday showed that the UK service sector contracted during November but the figure was better than expected. This saw the currency finish the day at 1.1075 against the Euro and 1.3452 against the US Dollar according to the Foreign Exchange Market.

The Euro continued to strengthen against the US Dollar on Thursday while the PMI data from November showed that the Eurozone experienced its sharpest contraction since May. This followed new coronavirus restrictions and a decline in employment. However, retail sales for October were higher than expected, giving the Euro a boost.

The US Dollar weakened further again yesterday after optimism for a US stimulus package continued to increase. The country is still suffering at the hands of coronavirus and that is causing concerns for investors, causing demand for the safe-haven currency to wane.

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