USD Gains While the Pound Remains Fairly Range Bound

With Thursday came very little movement for the Pound although it did lose some ground against the Euro and the US Dollar overnight.

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This saw it finish at 1.1516 against the Euro and 1.3782 against the US Dollar according to the Foreign Exchange Market. The initial gains that the currency did make were quickly lost following further concerns around the AstraZenecavaccine. With no notable data released, the Pound is going to be at the mercy of any vaccine news that might be released today.

The Euro took a defensive stance yesterday as a result of the strong US Dollar but also fresh worries around the vaccination programme. Denmark halted its use of the AstraZeneca vaccine and there are fears that other countries might follow. The appeal of the single currency might also be hampered by the latest consumer price index for the Eurozone today.

It was a strong day for the US Dollar after the latest US retail sales figures exceeded estimates, growing from -5.8% to 9.8%. This news, along with the sharp drop in jobless claims has helped to give the Greenback a boost as we head into the end of the week.

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