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Pound Euro Exchange Rate Steady as More EU Countries Suspend AstraZeneca Covid-19 Vaccine

Pound and Euro coins on a five-Pound note.

The Pound Euro exchange rate is steady today, as more Eurozone countries move to suspend the AstraZeneca Covid-19 vaccine.

At the time of writing the pair are trading at around 1.1616. GBP/EUR has recovered from this morning’s dip when it fell to €1.15. It’s now back above €1.16

Pound (GBP) Steady as UK Dismisses AstraZeneca Concerns

The Pound gained traction this afternoon as UK experts dismiss concerns over the AstraZeneca vaccine.

Prof Anthony Harden, the Joint Committee on Vaccination and Immunisation (JCVI) deputy chair, commented on the concerns, saying:

‘The UK has administered 11m doses of the AstraZeneca vaccine and there has been no demonstrable difference in the number of blood clots since the vaccine was introduced.’

‘I have no doubt that this vaccine is safe and effective, I would not give it to my patients if I thought there was any chance that there would be a major side-effect that would come out.’

It comes as the Office for National Statistics’ (ONS) latest Covid-19 data showed that care home resident deaths involving Covid-19 in England and Wales have fallen by more than three quarters in a month.

Currently, the UK remains on course to reopen the economy as laid out in the government’s roadmap.

Euro (EUR) Struggles as Suspension of Vaccines could be ‘Disaster’ for Eurozone

The Euro has shed its morning gains heading into the afternoon as experts warn a pause in vaccines could be a ‘disaster’ for Eurozone countries.

As France now joins a range of Eurozone countries suspending the use of the AstraZeneca vaccine over fears of an increased risk of blood clots, experts jump in to warn of the implications of such a move.

Peter Openshaw, professor of experimental medicine at Imperial College London, spoke on the suspension of the vaccine across the Eurozone, saying:

‘I think it is a disaster for the vaccination uptake in Europe, which is already on slightly unsteady ground in some countries.’

 ‘I think the committees are probably afraid of not making that decision to pause on the basis that they might be in some way thought culpable if they didn’t, but actually these are such rare events.’

The threat of a third wave of coronavirus across Europe could damage the Eurozone’s economic recovery.

The Euro had found support this morning in the release of Germany’s ZEW Economic Sentiment Index for March, which beat forecasts of 75 and edged up to 76.6 points.

Pound Euro Exchange Rate Outlook: Markets Await BoE Interest Rate Decision

For Pound investors the BoE’s interest rate decision will be the key focus heading into the second half of the week.

With interest rates expected to remain at 0.1%, investors will be keeping an eye on whether the bank takes an optimistic tone surrounding the UK’s economic recovery.

Euro (EUR) traders will be awaiting tomorrow’s Eurozone’s CPI data release for February.

Any signs of inflation reflecting the Eurozone’s struggling economy would push EUR down further.

Tomorrow will also see the release of the Eurozone’s construction output for January which is expected to remain in contraction due to numerous coronavirus restrictions across the bloc.

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