Small Recovery For The Pound Despite Brexit Concerns

Through trading on Monday the Pound made a slight recovery following growth in support for opposing the internal market bill that Boris Johnson has put forward. However, Brexit is still going to become a sticking point for the currency moving forward. According to the Foreign Exchange Market, the Pound rounded off Monday trading at 1.0828 against the Euro and 1.2852 against the US Dollar. However, news of an increase in unemployment this morning is more than likely going to add more pressure on the currency.

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The Euro moved slightly higher on Monday following news that the Eurozone industrial production figures came in higher than initially expected. However, these gains were held back by concerns of coronavirus cases increasing across Europe with the situation likely to worsen through October and November.

It wasn’t a good start to the week for the US Dollar as it retreated during trading on Monday. News of a potential vaccine improved market sentiment forcing investors away from the safe-haven currency. However, the currency was also stifled by a lack of agreement on any further coronavirus stimulus. There is hope that industrial production figures will come in higher than expected today helping the US Dollar to regain some of its losses.


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