IFX Market Report: Tuesday 16th February 2021

On Monday’s session Sterling made an exceptional start to the week, reaching 3-year highs against the Dollar, and 9-month highs against the Euro. Sterling’s strength has derived from stronger global equities and the impressive efficiency at which the UK is rolling out it’s COVID-19 vaccination programme. With over 15M people receiving their first jabs, and the UK on track to reach their end of April target – more positive moves could come from the Pound.

GBPUSD opened yesterday at 1.3906 and was able to gain even more upside by the close. Cable closed at 1.3919, but it is important to note that since this morning the pair has gone on to surpass the 1.3920 mark.

GBPEUR was also able to better its position. The pair started the week at 1.1453 and went on to close above that mark, at 1.1468.

EURUSD saw little price action in Monday’s session. The pair started the day at 1.2138 and closed at 1.2137.

With the success of the governments COVID-19 vaccine, Prime Minister Boris Johnson said on Monday he can “possibly” reveal the dates for unlocking each aspect of society next Monday (22nd). The PM stated this will all rely on the all-important coronavirus data this week. He noted that he hopes schools will reopen 8th March – despite no official “decisions” has been taken on how that will work ahead of his “roadmap”, the PM said “if we possibly can, we will be setting out dates”.

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