The Pound was mainly range bound on Friday even after it rallied on Thursday following the news from the Bank of England. The success of the vaccination programme is still providing support for the Pound although concerns about the current lockdown prevented any gains.
This week the latest GDP figures will be released and are likely to show a drop in economic growth. On Friday, the pound finished the week at 1.1402 against the Euro and 1.3738 against the US Dollar according to the Foreign Exchange Market.
After a tough week, the Euro did improve after its negative correlation to the US Dollar helped it to make up some ground. Despite this, the gains were limited as a slump in German factory orders put a strain on the single currency. This left investors concerned and has highlighted the ongoing problems the pandemic is having on the largest economy in Europe.
The US Dollar stopped its run following the release of the latest US non-farm payrolls. The figures showed that only 49,000 jobs were added to the economy and this caused concerns and placed a cap on the optimism surrounding the economic recovery in the US.