Vaccine Problems Still Keep the Pound on a Strong Footing

The Pound lost some ground on Monday against both the Euro and the US Dollar following the recent vaccine problems while Boris Johnson’s warning of a potential third wave also concerned investors.

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An announcement from the Bank of England will also play a role in determining the direction of the currency while news that unemployment increase in February won’t help the situation. At the end of trading, the currency finished at 1.1614 against the Euro and 1.3859 against the US Dollar according to the Foreign Exchange Market.

Further pressure has been placed on the Euro against the US Dollar after concerns of a growing third wave across Europe. Described as a new pandemic by the German Chancellor, Angel Merkel, the slow rollout of the vaccine won’t help to boost the appeal of the single currency, leaving it likely to struggle throughout the rest of the week.

It was a steady day for the US Dollar after it was announced that the economy had recovered quicker than expected although support was still required from the Federal Reserve. The vaccine programme is also rolling on and that is sure to give investors reasons to believe that a stronger recovery is on the horizon.

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