The pound is slightly weaker this morning but remains at strong levels against the euro and the dollar. There was little movement despite GDP data revealing that the UK economy saw its fastest drop in 300 years.
Nonetheless, economic optimism continues as Bank of England chief economist Andy Haldane anticipates the economy will rebound as coronavirus restrictions are relaxed.
Additionally, the UK has now vaccinated nearly 20% of its population, as more than 13 million people have now had the first dose. At the current rate, the government will achieve its target of vaccinating 15 million people by the middle of February.
The euro remains strong after weak initial jobless claims in the US weigh on the dollar.
In the US, the focus is on improving the country’s employment, as Federal Reserve Chairman Jerome Powell announces that the real unemployment rate could be higher than is currently reported.
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