Good morning,

Over the course of a largely data silent start to the week, the pound remained broadly supported across the board as the vaccination data for the UK continued to shine. The pace and scale of the rollout have impressed markets; especially on GBP/EUR, with continuing bureaucratic issues hampering European efforts meaning that Britain is on track to have its most vulnerable inoculated first.

The importance of the pace of the vaccine rollout cannot be understated for the pound, essentially, the faster the most at risk in society are vaccinated, the sooner restrictions on the economy can be lifted – with a hope that this time it’s for good. Currently, the UK is on track to meet its target of mid-February to have high risk groups covered, which could signal the beginning of the end for lockdown part three. For today, the data calendar is again silent; however, at 15.00 GMT, ex-Chair of the Federal Reserve and current nominee for Treasury secretary Janet Yellen will be testifying in the US Congress before her confirmation – any dollar comments will be scrutinised, possibly causing more heartache for USD holders.

Have a great day.

Joshua Haden-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.

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