Sterling remains little changed from where it settled on Friday morning. UK unemployment data this morning shows a rise to 5%, but overall the numbers were not as bad as expected, while average earnings in November rose by 3.6%, well ahead of expectations.
The UK continues to lead Europe in vaccine administration, with 7 million (10.5% of the population) vaccinated, including 80% of those aged over 80.
Yesterday’s German business data fell to its lowest reading in seven months.
Vaccine delays in Europe are contributing to the weakness of the euro, but ECB President Christine Lagarde expressed optimism over Europe’s economic recovery in 2021.
In the US, Janet Yellen has been confirmed as Treasury Secretary and will lead America’s economic recovery from the pandemic. However, her and President Biden’s first challenge will be to get their stimulus package through congress.
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