The Pound has made some gains against the Euro this morning but remains largely unchanged against the Dollar. The market has chosen to focus less on the possibility of the Bank of England introducing negative interest rates in the UK for the time being but more on the scale of the vaccine rollout across the country compared to other countries across the world which is a positive.

The Euro has lost some ground against the Pound but has stayed strong against a weaker Dollar. Yesterday, Eurozone CPI flash estimates a well as Eurozone retail sales data both disappointed the market with worse than expected figures. However, German industrial production beat forecasts with a reading of 0.9% compared to 0.7% that was forecast this morning.

Donald Trump has conceded that the Biden administration will be inaugurated on 20th January which has kept the Dollar weak across the board. This afternoon, US average earnings as well as non-farm payrolls and the unemployment rate will be released which will be closely watched by the market.