Slip in Pound to US Dollar Rate Following Sterling Correction

On Tuesday, the Pound edged lower as investors decided to overlook the publication of the latest jobs report which indicated that unemployment had dropped to a three-month low.

However, the drop in the pound was attributed to considerable profit taking after the Pound US Dollar rate managed to pass the key barrier of resistance. So, at the end of the day, according to the Foreign Exchange Market, the currency finished at 1.1583 against the Euro and 1.3939 against the US Dollar.

The Euro remained subdued on Tuesday after improvements in the US Dollar reduced demand for the currency. However, the release of the verdict on the Johnson and Johnson vaccine from the European Medicines agency helped to support the single currency. 

After a weak start to the week, the Us Dollar was able to gain traction yesterday following a change in market risk appetite. An increase in US Treasury yields helped the US Dollar to stand firm, despite the yields remaining below their 14 month high. Looking ahead, it is likely that a lack of data is going to mean that investors will focus on yields and global economic sentiment.


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