After suffering due to poor GDP data at the beginning of the week, the pound looks stronger against the dollar and steady against the euro yesterday. This is partly due to a weaker greenback and also because of improved market sentiment, which came about after talks of promising vaccine developments.
The US-based biotech firm Moderna said that it would enter the final stage of human trials for its vaccine at the end of July, after it showed promising results. This positive news prompted a recovery in the stock markets, which, in turn, has given sterling a slight boost.
However, the global markets have dipped again today and as we have seen recently, sterling tends to move in tandem with the markets, meaning that it is weaker this morning. Any news of a Brexit breakthrough could give the pound a final boost this week, but this is uncertain.
Unemployment rate for the three months to May came in this morning at 3.9%, the same as the previous period and below market expectations.
