Vaccine Concerns Forces Further Losses in Pound to Euro Exchange Rates

The Pound continued to see losses on Thursday according to the Foreign Exchange Market as it dropped to 1.1527 against the Euro and 1.3735 against the US Dollar.

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Pressure on the currency came from concerns around the vaccine rollout and the economic recovery, as the US continued to open up and increase vaccine numbers. Despite another easing of lockdown on Monday, the Pound is looking limited again, especially with a lack of notable data releases. 

It was a slow start to the day for the Euro although it gained momentum after the US Dollar weakened. This saw the Euro push to 1.19 against the US Dollar although this has dipped today. The rates have been strengthened by the economic recovery after it was announced that the vaccination program would hit all key targets by the end of June. 

The US Dollar weakened yesterday after the Federal Chair confirmed its dovish outlook, which boosted the appetite for risk and placed pressure on demand for the US Dollar. The rising inflation was downplayed while support for the US economy was not going to be eased any time soon, particularly as US jobless claims had risen since last week.

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