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- European session review: GBP strengthens amid improvement in global investor risk sentiment
European session review: GBP strengthens amid improvement in global investor risk sentiment
GBP strengthened against most major counterparts in the European session on Tuesday as investor risk sentiment improved, supporting riskier currencies. The pound rose against USD, AUD, NZD and CAD, and traded little changed against EUR, JPY and CHF.
Slowing rates of new coronavirus cases in Europe raised hopes that the lockdowns helped slow down the spread of COVID-19 and many countries started considering easing of coronavirus restriction.
The better-than-forecast macroeconomic data from China also underpinned sentiment. The General Administration of Customs (GAC) reported that China's imports fell 0.9 percent y/y in March, compared with economists' expectations of a 9.5 percent y/y decline after a 4.0 percent y/y drop in January-February combined. Meanwhile, the country's exports fell 6.6 percent y/y, compared with economists' forecast of a 14.0 percent y/y fall, and after a 17.2 percent y/y tumble in January-February combined.
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