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UK on “Road to Freedom” after vaccine success – 22nd February

This evening, the UK government is announced its plan for bringing the country, and economy out of lockdown.

After being in lockdown since December 20th, Prime Minister Boris Johnson set out his “cautious plan” on restarting the nation, but did promise that the UK was “now travelling on a one-way road to freedom”

This comes as the UK has been one of the world leaders in vaccinating its citizens, with over 17 million people now receiving the first dose of a vaccine.

To start, the government had targeted close to 13 million people for vaccine distribution, however with the help of the national lockdown have been able to reach more people than initially expected.

As a result, the Pound has recently strengthened against most other major currencies.

Sterling hits 3-year high, Stocks down to start the week

As mentioned above, the Pound has recently strengthened as the UK government continues to lead the way in vaccinating its citizens.

GBPUSD rallied to its highest levels in close to over 3-years earlier today, hitting 1.4076 in intraday trading.

Sterling also gained on the Euro, printing close to a 1-year high, however as a result of a stronger Pound, London’s FTSE 100 closed in the red today, falling 0.18%.

This trend continued across the pond, with the major U.S. indices all trading lower to start the week.

As of writing the benchmark S&P 500 was down 0.23%, with the tech heavy NASDAQ falling 1.5%.

Bitcoin drops, as Tesla said to have made $1bn from crypto investment.

After recently climbing to as high as $57,500 over the weekend, Bitcoin fell to start the week, as traders likely took profits at the record high.

The plunge comes as it was recently reported that Tesla had made over $1 billion from its Cryptocurrency holdings since it declared its investment in the coin back in January.

Elon Musk, Founder and CEO of Tesla tweeted his position on recent investment in Bitcoin as shown below.

Many bulls believe BTCUSD could go to as much as $100,000 in 2021.

Quote of the day – “Every day I assume every position I have is wrong.”

Paul Tudor Jones

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Eliman Dambell

Senior Market Analyst
edambell@tvmarkets.com

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