Yet again the pound continued on its bullish path yesterday and through this morning, making it 5 consecutive days of gains against the euro. Just after lunch time, the European Central Bank will release their policy meeting minutes, where the markets will be focussing on the sentiment for the months that lay ahead within the Eurozone. Should it be released that the ECB is concerned for the outlook of the economy then GBPEUR could carry further upside momentum.
Any views on the negative side would be in stark contrast to last week’s Bank of England Monetary Policy Committee meeting, when it was announced they see the UK economy recovering over the second half of the year. The UK has now given first vaccinations to a quarter of the population, making next week’s lockdown announcement from the government more anticipated. Within the Eurozone however, it is reported that only 5% of the population has received their first Covid jab.
Yesterday Boris Johnson announced that the next steps for the UK would be guided by “data not dates”. This could be seen as a positive after a recent study by Imperial College London found Covid infections have dropped two thirds since the start of the third lockdown.
Have a great day.
Jack Nicholls, Relationship Manager.
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