New Vaccine Hope Pushes Pound to Euro Rate Higher

There were some solid gains seen in the Pound to Euro exchange rate on Friday as rates edged higher following news that another coronavirus vaccine from Moderna had been approved.

Despite this, the gains were limited after a worrying number of cases were causing problems for hospitals in London. It’s highly likely that the vaccine rollout this week is going to play a part in the direction of the pound although further lockdown restrictions could cause problems. At the end of trading on Friday, the Pound finished at 1.11 against the Euro and 1.3564 against the US Dollar according to the Foreign Exchange Market.

As the Euro came up against its peers, it trended lower after further coronavirus restrictions weighed heavily on the single currency. The news of increasing cases also overshadowed news that the latest jobs figures were lower than expected in November. All eyes will be on the German budget this week, with the hopes of an economic recovery being pinned on the largest economy in Europe.

The US Dollar suffered at the end of the week as US payrolls plunged, placing markets into shock although investors decided to make moves on the safe-haven currency. The US consumer price index is likely to be the main focus for investors this week.


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