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GBP/USD, EUR/GBP Reversing on AstraZeneca Vaccine Latest

GBP/USD, EUR/GBP Reversing on AstraZeneca Vaccine Latest

GBP, EUR/GBP Price Analysis & News

  • GBP Losses Reversing as Medical Authorities Reiterate Benefits Outweigh Risk
  • Vaccine Alternatives to be Given to Under 30s

AstraZeneca vaccine latest

For much of today’s session, the Pound has come under notable pressure and while a large part of this has been due to position squaring, most notably in EUR/GBP, having corrected to the mid-0.86s. There has also been rising risks over the AstraZeneca vaccine and its link to rare forms of blood clots.

BLOOD CLOT LINK: The EMA stated that unusual blood clotting with Astrazeneca vaccine should be listed as a possible but rare side effect, however, reiterated that the benefits continue to outweigh the side effects. The same conclusion had been reached by the UK MHRA who also stated that the benefits are still very favourable for the vast majority of people. That being said, the UK have noted that those under 30 should be offered an alternative to the Astra vaccine, such as Pfizer or Moderna. Although, the UK Chair of Vaccine group have clarified that they will not be advising a stop to any vaccination for any individual in any age groups.

ROLLOUT TIMELINE: In terms of the vaccine rollout timeline, the UK’s Deputy Chief Medical Officer, Van Tam, says the impact of this on the overall timetable for the rollout of vaccines should be “zero or negligible”.

GBP REACTION: Since the beginning of the press conference the Pound has modestly recouped some losses as medical advisers continue to suggest that the benefits outweigh the risks, while the UK has stated that the rollout program will not be adversely impacted. Keep in mind that the UK have several vaccines to void any gaps in the rollout of the Astra vaccine, such as the Pfizer vaccine and the recently rolled out Moderna vaccine.

GBP/USD Chart: Intra-day Time Frame

Source: Refinitiv

EUR/GBP Chart: Intra-day Time Frame

Source: Refinitiv

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.