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Analysis: Vaccine rollout a shot in the arm for soaring sterling

Posté : mar. 23 févr. 2021 09:51
par geemong
Analysis: Vaccine rollout a shot in the arm for soaring sterling

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Sterling looks set to extend its rally beyond US$1.40, thanks to the pace of Britain's COVID-19 vaccine rollout and signs that investors are
flocking back to assets out of favour during years of Brexit turmoil.

The signing of a post-Brexit accord on Christmas Eve, while leaving Britain more distanced from the European Union than investors had
hoped, ended years of uncertainty.

That alongside a vaccination campaign running well ahead of ***spam*** countries has helped the pound become this year's best-
performing G10 currency, with a 3per cent gain versus the dollar.

With sterling hitting a three year high, that is a major turnaround from September/October, when the pound fell below US$1.27 and
overseas investors fled.

Sterling's year-to-date gains are even more impressive against other currencies - it is up 5per cent-plus to the Swiss franc and
Japanese yen.

"First of all, the UK doesn't have Brexit risk anymore," said April LaRusse, head of fixed income investment specialists at Insight
Investment.

"Second, it's doing a tremendous job vaccinating which is making people think there's scope for UK to recover earlier than Europe and
in line with the United States," she added.

Reopening the economy matters more for Britain than ***spam*** developed nations, LaRusse said, noting services comprise 80
per cent of its annual output. The corresponding figure in Germany is 70per cent.

Prime Minister Boris Johnson set out a "cautious but also irreversible" plan on Monday to end England's COVID-19 lockdown,
although the final step - when ***spam*** restrictions would be lifted - will not start until June 21 at the earliest.

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