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The pound has had a slow start to the trading week against most major currencies, with the slight drop off against most majors being attributed to the uncertainty surrounding vaccine imports.
By Daniel Wright
The GBP to EUR exchange rate has surrendered strong gains during the week to trade below the key 1.15 level.
Sterling exchange rates made up ground against all major currencies during the trading week last week as it appeared on the face of it that the pound is slowly starting to creep back into fashion.
Sterling gained in value against other major currencies as UK vaccine rollout continues.
Sterling exchange rates have shifted by over 2 cents against the euro over the last week, rising from lows of 1.0837 to 1.11098.
Considering the issues currently being negotiated we may have expected a little more volatility from the pound this week, is this the calm before the storm?
Last week sterling saw some unexpected gains against both the Euro and the Dollar due to some unlikely Brexit talk conclusions.
Sterling saw a much quieter trading day yesterday, with GBPEUR remaining in the 1.10s and GBPUSD around the 1.31 mark over the course of the day.
Sterling finds itself back under pressure despite Bank of England Governor Andrew Bailey's playing down of the prospect of negative interest rates for the U.K last week.
GBP continues to lose value as the likelihood of a no-deal Brexit increases due to comments made by PM Boris Johnson.
Sterling continues to make gains against the euro as UK economic data supports GBP rates whilst fears of further lockdowns in the Eurozone hamper EUR.
Brexit trade negotiations ended on a negative last week as both EU and UK representatives stated 'very little progress' has been made.
Despite U.K employment falling to its highest rate in a decade and GDP falling by a historic low sterling has recently made gains against other major currencies.
As the Coronavirus pandemic continues, GBP continues to struggle against EUR as Brexit drives the demand for sterling down.
Global fears of a second wave of the coronavirus outbreak has dempened investpr confidence that could impact sterling exchange rates.