Pound to US Dollar Slumps as US Demand Rises

There was little support for the Pound yesterday as the currency continued to fall victim to the ongoing problems between the EU and the UK over vaccines.

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The struggle couldn’t even be lifted by news that unemployment had dropped and wages had grown in January. The UK consumer price index could cause problems for the currency today. However, at the end of trading on Tuesday, the Pound finished at 1.1596 against the Euro and 1.3728 against the US Dollar according to the Foreign Exchange Market.

The Euro retracted on Tuesday after Germany announced that lockdown measures would be extended with more countries following suit. Investors are now concerned that the economy is not going to recover as quickly as expected. Furthermore, the latest PMI figures could push the single currency lower if the economic activity has not grown this month.

The US Dollar performed well yesterday as investors turned to the safe haven following the latest coronavirus situation in Europe as well as ongoing tensions with China. The gains were improved by reports that President Biden is looking at additional stimulus measures to help bolster the US economy and get it back on track.

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