Good morning,

The pound was among the top performers on Thursday, rallying from two-week lows against the EUR and USD on Wednesday, as the EU and UK appear to have improved their dispute around vaccine distribution and released a statement for a “win-win” situation.

However, at the EU summit tensions mount as leaders discuss how to turn around their vaccination programme and deal with a new flare up in infections. The vaccination export numbers were revealed yesterday and confirms the EU have exported more Covid vaccines to the rest of the world than its administered at home, piling more pressure on governments seeking to justify prolonged lockdowns to their voters. The summit continues today and all eyes will be on whether the EU will put a halt on exports or not.

Back at Westminster, Boris Johnson won the support of parliament for his plan to bring England slowly out of lockdown, with MPs voting 484 to 76 to extend the Government’s Covid emergency powers.

Meanwhile in the US, economic data came in better than expected with jobless claims dropping to the lowest level in a year, and GDP bettered expectations for Q4 2020. Biden was in the spotlight at his first press conference, and in stark contrast to the previous administration it was a low-key affair.   He announced they have doubled their target for Covid vaccinations in his first 100 days to 200 million, other key discussion points were around the growing humanitarian crisis at the US-Mexico border, US-China relations and when to pull troops from Afghanistan.

Have a great day.

Joseph Sidders, Relationship Manager.

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References

https://www.bloomberg.com/europe

https://www.fxstreet.com/https://www.bbc.co.uk/news

https://www.bbc.co.uk/news