Tuesday saw the Pound remaining fairly stable with one in four adults having the vaccine, giving the currency some support. The government aims to vaccinate 15 million people by the 15th February and by that point, all eyes will be on the impact and the easing of potential lockdown restrictions.
It’s likely that further coronavirus developments are likely to direct the currency during trading today. At the end of trading yesterday the Pound finished at 1.1402 against the Euro and 1.3815 against the US Dollar according to the Foreign Exchange Market.
The Euro nudged hire yesterday thanks to a boost from the negative correlation with the US Dollar. These gains were limited as ongoing vaccination concerns are leaving investors concerned about the easing of lockdown measures, particularly after the release of weaker-than-expected trade figures from Germany.
The US Dollar moved lower on Tuesday following concerns about the US fiscal stimulus packages as eligibility for the stimulus checks could put a delay on it. Today, the US consumer price index will be released and is likely to determine the direction of the Greenback although an inflation drive could push it down even further this afternoon.