The pound sterling gained ground against its peers during London trade on Monday, supported by the government's continued efforts to combat the coronavirus. A weekend roll-out of the COVID-19 vaccine resulted in nearly 6 million getting their first dose of the vaccine; for investors, that helped breathe new life into sterling against both the euro and the greenback. The US dollar continues to be weighed by the growing likelihood that both fiscal and monetary policy will together keep the greenback weaker relative to its peers. The president has promised a $1.9 trillion plan in stimulus packages for individuals and industries, to help put life back into the economy.
In London trading as of 11:21 am, the GBP/USD was trading at $1.3691, a gain of 0.0826% and sliding away from the session peak which was recorded at $1.37241; the low was set at $1.36655 for the trading day. The EUR/GBP was lower at 0.8878 pence, down 0.1664%; the pair has ranged from a low of 0.88738 pence to a high of 0.89129 pence. The GBP/JPY was higher at 142.1510 yen, up 0.1409%.
Key Individuals to Watch for Currency Direction
Later in the trading day, speeches by key individuals could direct the the euro and the pound sterling or, at the very least, offer Forex traders some sense of direction. European Central Bank's Governor Christine Lagarde will be speaking on the issue of climate change and central banking at the ILF Conference on Green Banking. Then later, Bank of England Governor Andrew Bailey will be speaking in Davos at the World Economic Forum on the subject of resetting digital currencies. US President Joe Biden is also slated to speak later today; while the topics have not yet been released, most assuredly his words will impact the greenback, even if only in a knee-jerk reaction to his speech.