Sterling continues to be boosted by the news the Pfizer has created a Covid vaccine which shows to be 90% effective on a sample base of 43,500 people. Prices rose by 0.8% against both the euro and US dollar throughout the day, and have continued on a similar trajectory through the Asian trading session. As discussed by Josh yesterday, the UK Government ordered a significant amount of vaccines whilst in the development stage, putting the country at the front of the queue for delivery. This therefore means the economy could be back up and running before any other globally. Reuters is reporting this morning that two thirds of those surveyed in the UK, said they would get the vaccine when it is available.
With that being said, we are approaching an area of resistance for sterling against both the euro and dollar. Post Covid outbreak, sterling has found the ceiling against the euro at around the 1.1280 mark, touching three times before being sold off and retracing lower again.
GBP will require a further boost in order to push past the mentioned levels. This could come in the form of GDP figures released tomorrow, if the readings come in better than analyst expectations.
It is worth noting that the US and Canada are observing public holidays today, Veterans Day and Remembrance Day will mean no same day payments can be made.
Have a great day.
Author: Jacks Nicholls, Relationship Manager
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