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Forex News: Pound Advances Amid Vaccine Optimism

Pound Advances Amid Vaccine Optimism

02/15/2021 - 05:50:00 (RTTNews)

(RTTNews) - The pound climbed against its major rivals in the European session on Monday, as the U.K. achieved a significant milestone of delivering first doses of Covid-19 vaccinations to 15 million people, raising hopes of a faster recovery from the pandemic.

Prime Minister Boris Johnson announced on Sunday that the government's target to cover the designated top four priority groups with at least one of the two-dose of coronavirus vaccines by the middle of February had now been attained.

The PM plans to unveil his roadmap for gradually easing restrictions later this month.

The coronavirus infection rates and deaths have fallen sharply in the U.K., triggering calls for easing lockdown that began on January 4.

European stocks rose as a decline in coronavirus infection rates and growing hopes of the U.S. stimulus package boosted optimism about the global economic recovery.

The pound jumped to 1.3914 against the greenback, its highest level since April 2018. On the upside, 1.41 is possibly seen as its next resistance level.

The pound hit nearly a 1-year high of 1.2397 versus the franc, compared to last week's closing value of 1.2354. Should the pound climbs further, 1.25 is likely seen as its next resistance level.

Extending the previous session's rally, the pound drifted higher to more than a 1-year high of 146.63 versus the yen. The pound is seen facing resistance around the 149.00 area.

Preliminary report from the Cabinet Office showed that Japan's gross domestic product gained 3.0 percent on quarter in the fourth quarter of 2020.

That exceeded expectations for an increase of 2.3 percent following the 5.3 percent gain in the previous three months.

The pound approached 0.8721 against the euro for the first time since May 2020. The next possible resistance for the currency is seen around the 0.86 level.

Data from Eurostat showed that Eurozone industrial production declined for the first time in three months in December.

Industrial production fell 1.6 percent month-on-month in December, reversing November's 2.6 percent increase. Economists had forecast a 1 percent drop for December.

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