As Friday came to a close, the Pound was relatively quiet and subdued. The lack of a Brexit deal was holding the currency back and this also left investors concerned too. According to the foreign exchange market, the pound finished the week at 1.11 against the Euro and 1.2484 against the dollar. This lack of progress has meant that the Pound is starting the week on the back foot, although the latest construction PMI is likely to show an improvement in construction activity, possibly stabilising the currency.
There was a lack of trading for the Euro on Friday, meaning that there was very little range of movement as the end of the week came to a close. Even improved figures for the Eurozone’s final PMI reading for June could not push the single currency higher. However, this week has started off well after the German factory orders showed big improvement, enhancing confidence in the economy across the Eurozone.
Investors were still concerned at the rate at which coronavirus is spreading through the US and so, investors took comfort in the safe-haven currency. There is not a lot of hope at the moment for the US economy but there is still hope that the ISM non-manufacturing PMI will show positive signs.