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GBP/EUR Forecast: Pound to Euro Exchange Rate Pushes Higher Over Decreasing Coronavirus Figures

March 15, 2021 - Written by John Cameron

The Pound Euro exchange rate is pushing higher during this morning’s session as the UK continues to record a decrease in the number of Covid-19 cases and fatalities.

At the time of writing Pound Euro exchange rate is currently trading at around 1.1682 as more Eurozone countries suspend use of the AstraZeneca vaccine.

Pound Sterling (GBP) Exchange Rate Pushes Higher over Positive Coronavirus Statistics

The Pound is heading higher this morning as positive coronavirus statistics from the UK continue to drive Sterling movement.

According to Public Health England, on Sunday the 14th March 4,618 new cases of coronavirus and 52 deaths within 28 days of a positive test were reported across the UK.

It comes as many other countries across the globe worry over the AstraZeneca vaccine causing blood clots, people in the UK however are being urged to take the vaccine as Professor Anthony Harden deputy chairman of the Joint Committee on Vaccination and Immunisation downplayed the concerns saying:

We have given 11 million doses of the Oxford/AstraZeneca vaccine to date and there's no demonstrable difference between the blood clots in those that have been vaccinated from those in the general population.

One ought to also remember that Covid causes blood clots. So, the risks of not having the Covid vaccination far outweigh the risks from the vaccinations.

Euro (EUR) Exchange Rate Struggles to Make Significant Gains

The Euro has struggled to make any gains this morning as coronavirus vaccine worries and the resurgence of coronavirus cases in some Eurozone countries drag the single currency down against the Pound.

It comes as the Netherlands has now joined Norway, Denmark and Bulgaria in suspending the use of the AstraZeneca vaccine over fears it causes blood clots.

Hugo de Jonge, Dutch Health Minister said:

’We can’t allow any doubts about the vaccine… We have to make sure everything is right, so it is wise to pause for now.’

AstraZeneca hit back at the claims on Sunday after a review on data commenting that:

‘More than 17 million people vaccinated in the European Union and UK with their vaccine has shown no evidence of an increased risk of pulmonary embolism, deep vein thrombosis or thrombocytopenia, in any defined age group, gender, batch or in any particular country.’

The Eurozone also remains on the back foot as its vaccine rollout remains delayed and slow, and with an increase in Eurozone countries suspending vaccines all together it doesn’t seem like the bloc will catch up any time soon.

GBP/EUR Exchange Rate Forecast: German ZEW Economic Sentiment in Focus

For Euro investors, the focus tomorrow is the release of the ZEW economic sentiment index for March from Germany.

The index is expected to show an increase in economic sentiment for the Eurozone’s largest economy, with the German economy hoping to get back on track in the coming months which could add much needed support to EUR exchange rates.

In absence of any notable data, the Pound’s movement will continue to be driven by any further coronavirus developments, with a decrease in cases and increase in vaccine doses reported adding support to GBP.

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