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GBP/USD Exchange Rate Rises as Covid-19 Vaccine Hopes Boost UK Economic Mood

Published: 10 Nov at 5 PM Tags: Pound Sterling, Dollar Exchange Rate, Euro Crisis, UK, Economy,

The Pound rose against the US Dollar today following positive news that the UK could receive up to 10 million Covid-19 vaccine as early as the end of the year.

UK Health Minister Matt Hancock was confident that vaccines could be rolled out by December.

The British Medical Association commented:

‘Vaccine availability will be limited to begin with, meaning only small numbers of vaccines may be given in December with most vaccinations taking place in early 2021.’

Consequently, UK markets are now more hopeful that the UK economy could recover faster than previously expected.

Meanwhile, Brexit news remains in focus.

Despite Prime Minister Boris Johnson’s significant defeat in the House of Lords, which saw his internal market bill substantially rejected, Downing Street is still expected to push ahead.

Sterling traders remain cautious but are more optimistic that the UK and the EU could secure a post-Brexit trade agreement following the US elections.

The US Dollar (USD) suffered from an improvement in risk-sentiment today, with investors selling off the safe-haven ‘Greenback’ in favour of risky assets.

Today also saw the release of October’s US NFIB Business Optimism Index, which beat forecasts and rose to 104.

NFIB Chief Economist Bill Dunkelberg commented on the data:

‘Leading up to the presidential election, small businesses continued to focus on stabilizing their businesses but were uncertain about the future economic conditions due to COVID-19 government regulations on all levels.’

Looking ahead, GBP investors will be eyeing UK-EU Brexit developments. Any indications of a post-Brexit trade agreement would prove positive.

Meanwhile, the US Dollar is likely to remain subdued as Covid-19 vaccine news has significantly improved risk sentiment.