Good morning,

Sterling pairs opened above the critical 1.1280 mark on GBPEUR this morning off the back of the news that another new vaccine, produced by Novavax, has shown some 89.3% efficacy and the UK has ordered 60 million doses of the jab early. The high efficacy isn’t the only good news, but more so for the pound is that it is expected to be pressed into service alongside the other vaccines the UK has to support its already impressive vaccination numbers.

The Government’s desire to hit 15 million injections by mid-Feb is currently just behind target; nevertheless, the numbers far outstrip those of the USA and EU combined. If the Novavax vaccine can be rolled out at the same pace as the preceding vaccines, the UK looks to be on track to getting its most vulnerable citizens vaccinated and out of harm’s way so the economy can re-open. For the time being, this vaccination race is the key market focus for the duration – whichever Government can lead this race means investment flows are likely to end up there as their economies reopen faster without restrictions.

Have a great weekend.

Joshua Haden-Jones, Senior Relationship Manager.

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