The Pound is gaining ground on the euro, during early Friday trading. Sterling is up by almost 0.5% against the single currency, as ambitious vaccine roll-out programs were announced in the UK, which could give the country’s economy an advantage over that of its neighbours on the continent. Such thoughts appear to be on investors’ minds, as several EU countries have been struggling with the logistics of vaccine distribution, which if not resolved may end-up delaying the start of the economic recovery expected for 2021.
European markets opened higher, confirming yesterday’s gains while benchmarks head for their best weekly performance since November. This “risk-on” market sentiment spread to Europe from the US after investors welcomed the result of the run-off election in the state of Georgia that gave the Democratic party effective control of the US senate, relieving political and economic uncertainties. This is perceived as very good news by traders as the Biden administration will now have greater powers to boost economic recovery in the short-term, introduce more tax and regulation in the mid-term and build strong international trade partnerships in the long-term. Travel & tech shares are among the top performers in Europe today while the Stoxx-50 index trades well above the 3,600 pts level with 3,770 pts now in sight. While this bullish sentiment is likely to continue in the short- to mid-term, investors will focus back on the US later today as the highly anticipated unemployment change and Non-Farm Payroll data for December are looming.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
