Good morning,
Yesterday, global markets boomed on the news that another pharmaceutical company has produced an effective vaccine against Coronavirus – with this one boasting an even more impressive prevention rate. The Moderna vaccine news gave US stock markets licence to push on beyond the point in which they started pre-pandemic, a sure sign that despite some of the grim case and death counts globally, enthusiasm for a future beyond Covid and a return to normality is building.
In the UK, the news has kept sterling supported against both the Euro and Dollar, as Matt Hancock announced that further to Britain’s already impressive pre-order of vaccines from other pharmaceutical companies, the Government also ordered an additional five million doses of the new vaccine. On top of this, the University of Oxford and AstraZeneca’s combined efforts being developed in the UK should have “imminent” results to announce with regards to their vaccine – of which the Government has some 100 million doses on order with. Should this come to fruition, the hope is that a UK made vaccine could be pushed out quicker, as the country wouldn’t have to wait for the foreign made vaccines to be imported.
Alongside this, as noted in yesterday’s economic update, Brexit talks continue to rumble on with few headlines causing much deviation from the status quo for Sterling at the moment. Market consensus is that a deal is still more likely than not – with chief Brexit negotiator David Frost mentioning to Boris Johnson that a “possible landing zone” on a deal could be ready to announce by next Tuesday.
Have a great day. 
Author: Josh Haden-Jones, Senior Relationship Manager
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