England wakes up this morning to the next stage in the easing of restrictions from the third Covid lockdown over the last year. The majority of Scotland also follows suit today, with indoor hospitality and different households allowed to mix inside for the first time in months. Caution has been aired with the easing of restrictions however, after a variant of the virus from India appears to be spreading throughout part of the UK. A report out from The Telegraph however, states that the current vaccines being rolled out across the UK “prevent 97% of Indian variant infections”. Therefore, the lifting of restrictions come with a fine balancing act, with The Telegraph also reporting the government want to vaccinate up to 1 million people per day in a bid to save summer.
This consequently has given the pound a boost to kick start the week. With sterling up gaining against most of the major currencies. GBPUSD is currently holding above the 1.41 mark and GBPEUR holding north of the 1.16 level.
With little on the data front today, markets will be looking to the Eurozone GDP release tomorrow morning at 10am BST. After a vaccination programme that was slow to originally get off the mark, with some legal issues with suppliers, the continent has picked up the pace with their rollout. What the means for the last quarter, however, remains to be seen.
Have a great day.
Jack Nicholls, Relationship Manager.
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