The pound weakened against the euro and dollar at the beginning of last week and then recovered slightly through the latter half of the week. It is fairly strong against the euro this morning and continues to be supported by the UK’s vaccine rollout. It’s thought that the impending introduction of the Moderna vaccine could be positive for sterling.
This provides hope of economic recovery in the UK. The next step of the Prime Minister’s roadmap kicks in today, as people are now allowed to meet in groups of six or two households outdoors.
GDP data will be released on Wednesday for the quarter four of last year. The final reading is expected to show that UK gross domestic product grew by 1% quarter on quarter in the October to December period of 2020.
