We open up this morning after a glorious bank holiday in the UK with the Pound strong against the Dollar and Euro. The GBPUSD rate is currently trading at 1.4237 and the GBPEUR rate up to 1.1641 as optimism around reopening continues to underpin Sterling strength. We currently have nearly 65 million vaccines administered with nearly 25 million having received their second dose. Efforts have been successfully ramped up in response to the spread of the worrying B.1.167.2 variant first identified in India.
The vaccination drive is accompanied by a dose of good news from Bolton, the epicenter of the recent breakout, which has seen a drop in cases. The biggest question for Brits and markets is if the full reopening planned for June 21st remains in play. These recent developments raise the chances of returning to normal.
Sterling has had several reasons to be positive recently, most notably from Bank of England member Gertjan Vlieghe who hinted that the Bank of England could raise interest rates as soon as early 2022.
Have a great day.
William Jones, Senior Relationship Manager.
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