After a brief recovery, the pound is weaker again this morning. Reports that the COVID-19 vaccine is yielding positive results in clinical trials improved market sentiment yesterday, supporting both the pound and the euro. However, the markets have had a softer start to the day this morning, meaning that sterling is also weaker.
The dollar weakened yesterday as safe-haven currencies fell out of favour due to positive market sentiment. However, it is stronger this morning ahead of a series of data.
The ECB will make their latest decision on interest rates today, and are expected to keep them on hold. Tomorrow, the European council will meet to discuss the EU’s coronavirus recovery fund.
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