UK Recovery Comes With Downside Risks That Holds The Pound Back

The Pound to US Dollar rate held firm through trading on Thursday at 1.2938 while the currency finished the day at 1.0998 against the Euro according to the Foreign Exchange Market. However, the Pound did trend lower after comments from the Bank of England suggested that the recovery in the UK is not moving in the right direction. Once again, Brexit concerns also held the currency back although the latest monthly GDP release could help the pound to recover through trading today.

The Euro did not fare well yesterday after the latest European Central Bank policy meeting indicated that the lack of inflationary pressure was a cause for concern. As a result, it looks as though some form of stimulus might be required. Without a lot of data being released today, investors will now place a focus on the coronavirus rates across the Eurozone which could cause the single currency to weaken.

The US Dollar did not move too much through trading after the recent US jobless claims came in higher than expected. It increased by 840,000 last week, causing concerns for investors. Along with this, it is likely that the US Dollar is going to experience some pressure as a result of US election uncertainty.

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