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- European session review: GBP weakens as coronavirus concerns linger
European session review: GBP weakens as coronavirus concerns linger
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 08:00 | Eurozone | Current account, unadjusted, bln | February | 10.5 | 33.8 | |
| 09:00 | Eurozone | Trade balance unadjusted | February | 1.3 | 23 | |
| 10:00 | Germany | Bundesbank Monthly Report | ||||
| 12:30 | Canada | Wholesale Sales, m/m | February | 1.8% | 0.7% | |
| 12:30 | U.S. | Chicago Federal National Activity Index | March | 0.06 | -4.19 |
GBP dropped against most major rivals in the European session on Monday amid lingering coronavirus concerns.
The UK recorded 596 new coronavirus-related hospital deaths on Sunday, taking the total number to 16,060. That was lower than the 888 deaths announced on Saturday and the lowest single-day death toll since 6 April, but the overall situation is still of concern, as the UK is one of five countries that has registered more than 10,000 deaths. Meanwhile, the number of confirmed COVID-19 cases in the UK reached 120,067.
Cabinet Office Minister Michael Gove said that the British government is not considering easing lockdown measures just yet.
Market participants also assessed the UK government's latest move to support the businesses driving innovation and development in the country. Chancellor Rishi Sunak announced a new £1.25 billion support package, which includes a £500 million investment fund for high-growth companies impacted by the crisis and £750 million of grants and loans for companies focusing on research and development.
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