The Pound has weakened across the board after strengthening substantially over the past week. The UK has closed its travel corridor with all UK-bound travellers needing a negative coronavirus test in order to be permitted entry. Bank of England Governor Bailey will be speaking later today which will be closely watched by the market.

The Euro remains weaker against the Dollar for the time being. The Dutch government including PM Rutte has resigned over a scandal involving child benefits but will stay on as an interim government until parliamentary elections take place in March. Italian PM Conte faces a confidence vote on Tuesday and is trying to win the support of the majority of senators beforehand.

The Dollar has seen some renewed strength due to its safe-haven status as the market remains cautious due to the recently discovered Brazilian coronavirus strain. China’s economic growth for 2020 showed an expansion of 2.3%. Although this is the slowest pace of growth in over 40 years, it is likely that they could be the only major economy to have expanded during the pandemic. Nonetheless, this had little effect on the Dollar as the market chose to focus on other news.