Yesterday the Pound hit a one year high against the Euro after the single currency encountered a difficult session ahead of Thursdays European Central Bank meeting. The meeting is widely expected to focus on both vaccine rollouts and getting a hold on the economic fallout of the virus. European countries have vaccinated roughly 8% of their population, while the US is at 18%, and the UK around 31% for the first dose.
A speech by Bank of England Governor Andrew Bailey supported the Pound early in the session when he reiterated his cautious optimism over the UK’s economic recovery while pushing back on the notion that the negative rates are on the horizon. Bailey looked to reassure saying “there is light at the end of the tunnel” as he pointed to falling coronavirus infections and a successful vaccine rollout. The markets ultimately focused on Bailey’s comments, warning of concerns over rising inflation which gave Sterling a boost.
Have a great day.
William Jones, Senior Relationship Manager.
Whilst every effort is made to ensure the information published here is accurate, you should confirm the latest exchange rates with WorldFirst prior to making a decision. The information published is general in nature only and does not consider your personal objectives, financial situation or particular needs. Full disclaimer available here.