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Forex News: Pound Trades Higher On Vaccine Hopes

Pound Trades Higher On Vaccine Hopes

02/16/2021 - 04:02:00 (RTTNews)

(RTTNews) - The pound traded higher against its major counterparts on Tuesday, as investors reacted to the rapid rollout of COVID-19 vaccines and the possible easing of lockdown restrictions in England.

U.K. Prime Minister Boris Johnson said on Monday that his government will be "very prudent" in relaxing restrictions as it wants to ensure irreversible progress.

The PM plans to unveil his roadmap for gradually easing restrictions on February 22.

Over the weekend, the U.K. reached a significant milestone of offering first doses of Covid-19 vaccinations to 15 million people by mid-February.

Falling infection rates and the successful rollout of the vaccination programme spurred hopes for a pick up in economic growth.

The pound hit 1.2398 versus the franc, its highest level in a year. At yesterday's close, the pair was worth 1.2370.

The pound moved up to more than a 1-year high of 147.31 versus the yen and near a 3-year high of 1.3952 versus the dollar and held steady thereafter. The pound had ended yesterday's trading at 146.46 versus the yen and 1.3901 versus the dollar.

After climbing to near a 1-year high of 0.8706 versus the euro at 11:45 pm ET, the pound pulled back in a short while. The pair was trading at 0.8722, near where it closed deals on Monday.

Looking ahead, German ZEW economic sentiment for February and Eurozone GDP and employment data for the fourth quarter are set for release in the European session.

New York Fed's empire manufacturing survey for February is due out in the New York session.

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