Investment in Vaccine Industry Gives Pound a Welcome Boost

The Pound saw a change in fortune on Thursday as it reacted to news that further investment would be made in the biopharmaceutical industry in the UK.

There was a £400m boost for the UK vaccine factory in Stockton-on-tees while the government also announced that £5.5bn would be invested in Covid research and the manufacturing of vaccines. This saw the currency finish at 1.1764 against the Euro and 1.33 against the US Dollar according to the Foreign Exchange Market.

The Euro started the day in a firm position as it was announced that the unemployment rate in the EU had dropped for the sixth month in a row. However, any gains were soon lost as a strong US dollar placed a strain on the single currency due to the negative correlation between the two.

It was a mixed day for the US Dollar on Thursday as it seems as though investors were holding off for the release of non-farm payrolls data today. However, there was some support found during the afternoon as upbeat jobless claims data and positive comments from the  Federal Reserve helped to give the currency a boost.

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