Over another successful trading session yesterday for the pound, sterling pushed on to multi-year highs on the euro at 1.15 and 1.3950 against the dollar. The continued enthusiasm for pound buying is stemming from the continued success of the mass vaccination programme that continues to impress the markets. The fact that the UK has not only met – but also surpassed – its ambitious vaccination target of 15 million high risk citizens means that on the current trajectory, the Government’s lockdown update on the 22nd is expected to yield clues on the reopening of the British economy.
The next prize in sight for sterling and the UK would be the 32 million citizens by May, as well as hoping that supply is maintained as well as the avoidance of new strains that are resistant to the vaccines that have been rolled out thus far.
Today is largely data silent in the UK, but there are retail sales figures due out in the USA at 14.30 GMT that could cause some movement on dollar pairs; however, most market eyes will fall on the next months to assess the damage of the winter storms hitting the US south.
Have a great day.
Joshua Haden-Jones, Senior Relationship Manager.
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