Tougher Restrictions Force GBP to USD Rate Down

The Pound lost some ground on Thursday after the GBP to US Dollar dropped by 2 cents to 1.2901 while the GBP to Euro rate finished the day at 1.1021 according to the Foreign Exchange Market. Investors were concerned about the fact that London is going to go into tighter coronavirus restrictions this weekend. Despite the losses, Brexit optimism buoyed the currency slightly but today this could be tested as the 15th October deadline was missed.

The Euro had to fight hard yesterday after the Eurozone continued to grapple with soaring coronavirus cases and stricter restrictions. The new curfew in Paris was of particular concern for investors while the announcement of further restrictions in Germany is surely going to have an impact on the single currency. Today could be crucial for the Euro as any response to the increasing cases from EU leaders is going to determine its direction

The US Dollar gathered pace yesterday as investors moved to take advantage of the safe-haven currency following a sell-off in equity markets. This drop in risk was also boosted by news that jobless claims had also increased to its highest level since August, indicating that a US Labour market recovery had halted.

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