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European session review: GBP weakens, weighed down by grim GDP numbers, Brexit risks and coronavirus resurgence concerns
30.06.2020, 12:31

European session review: GBP weakens, weighed down by grim GDP numbers, Brexit risks and coronavirus resurgence concerns

TimeCountryEventPeriodPrevious valueForecastActual
06:00United KingdomBusiness Investment, y/yQuarter I2.3%0.7%0.8%
06:00United KingdomCurrent account, bln Quarter I-9.2-15.4-21.1
06:00United KingdomBusiness Investment, q/qQuarter I-0.3%0%-0.3%
06:00United KingdomGDP, q/qQuarter I0.0%-2%-2.2%
06:00United KingdomGDP, y/yQuarter I1.1%-1.6%-1.7%
06:30SwitzerlandRetail Sales (MoM)May-14.7% 30.7
06:30SwitzerlandRetail Sales Y/YMay-18.8% 6.6%
06:45FranceCPI, m/mJune0.1% -0.1%
06:45FranceConsumer spending May-19.1%30%36.6%
06:45FranceCPI, y/yJune0.4% 0.1%
07:00SwitzerlandKOF Leading IndicatorJune49.67759.4
09:00EurozoneHarmonized CPI ex EFAT, Y/YJune0.9%0.8%0.8%
09:00EurozoneHarmonized CPI, Y/YJune0.1%0.1%0.3%
10:00United KingdomMPC Member Andy Haldane Speaks    
11:00U.S.FOMC Member Williams Speaks    
12:30CanadaGDP (m/m) April-7.2%-13% 


GBP fell against most major currencies in the European session on Thursday, weighed down by poor GDP data, lingering fears that Britain will leave the EU without a trade deal, as well as growing concerns that the recent surge in global coronavirus infections could put at risk a near-term recovery. 

The Office for National Statistics (ONS) reported the Uk's economy shrank by 2.2% in the first quarter of 2020 instead of a 2.0 percent decrease estimated initially. That was the largest drop in UK GDP since the third quarter of 1979. Economists had forecast the reading to be unrevised. In y/y terms, GDP fell 1.7 percent in the first quarter, revised down from 1.6 percent estimated in May.

Meanwhile, the UK's PM Boris Johnson pledged to make the country the most attractive place to invest and set up a company. He said that finance minister Rishi Sunak would set out plans for "Phase One" of the economy next week. 

Coronavirus resurgence concerns and risks of a no-deal Brexit also continued to keep the pound under pressure.

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