The pound sterling surged higher even with the US dollar also maintaining its strength against most major currencies at the opening of the European session.
The GBP/USD pair recorded a jump of around 80 pips to bring it back to trading above the price level of 1.38000.
The pound had previously depreciated lower against the euro and greenback in mid to late March on concerns that a slowdown in vaccine supplies to the UK would hamper the country’s vaccination efforts and undermine plans to exit the lockdown.
However, with tensions between the European Union (EU) and the UK easing and colluding to forge cooperation that would lead to a win-win situation, market optimism to see vaccination programs in the UK go smoothly increased.
Housing Secretary Robert Jenrick told Sky News that the UK will continue to lead other countries in launching vaccines and the government is now working to meet its target of offering first doses to nine priority groups by April 15 and all UK adults by the end of July.
On Saturday, more than 30 million Britons had received at least one dose of the vaccine and the country has now allowed larger rallies with cautious movements, while daily cases continue to show a decline.
