The Pound continues to remain supported due to the quick vaccine rollout in the UK with over 4.6 million people having their first dose of the vaccine already. Bank of England Governor Bailey has suggested that there should be a pronounced economic recovery in the UK which also helped Sterling hold on to its recent gains.

The Euro remains weak against the Pound but is performing well against the Dollar. It is widely expected that the ECB will keep interest rates unchanged today but comments about a strong Euro having a negative impact on inflation could create some volatility. Eurozone consumer confidence data is due at 3pm.

With Biden’s inauguration complete, the market is optimistic that he will be able to get the Senate’s approval for his $1.9tn fiscal stimulus package which in turn alleviated concerns of an economic downturn in the US. This led the Dollar to remain weak across the board. US unemployment claims will be released at 1:30pm which will be closely watched by the market.