Market Update

GBP climbed against the Euro & US Dollar yesterday reaching 1.1324 and 1.3745 respectively, reaching a new 8 month high.

The Pound remains well supported with a combination of rising global markets and a strong vaccine rollout. Moving on from yesterday’s gains; GBP has seen a retracement in line with a broader turn lower for global stock markets which traded vastly in the red during the Asian session overnight.

The UKs extensive vaccine rollout is upholding the single currency in a subtle race against the EU and US to successfully ramp up numbers of vaccinated individuals. Almost 5.5million does of the Covid-19 vaccines administered, putting the UK at number 4 globally in terms of number of vaccines given.

The European Central Bank (ECB) made no changes to interest rates yesterday alongside addition to €500billion Pandemic Emergency Purchase Programme (PEPP) which has reached a staggering €1.85trillion in total to date. The ECB will continue to monitor exchange rates and inflation before making in changes to their current stance. The €1.85trillion coronavirus quantitative easing support programme, however, may not need to go the expected distance which shows positive signs as to the battle against the virus.

Across the Pond in the US, President Joe Biden’s first full day in office yesterday was largely focussed on a national strategy to gain more control of the global pandemic. Biden’s goal is to administer 100millions doses, enough to cover 50million Americans, in his first 100 days in the office. In addition to this goal, the creation of a National Pandemic Testing Board has been introducing to improve US coronavirus testing capacity and a Health Equity Task Force to ensure an “equitable pandemic response and recovery”.

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