- Analytics
- News and Tools
- Market News
- European session review: GBP strengthens, responding to UK government's stimulus plan and broad risk-on sentiment
European session review: GBP strengthens, responding to UK government's stimulus plan and broad risk-on sentiment
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | Germany | Current Account | May | 7.7 | 6.5 | |
| 06:00 | Japan | Prelim Machine Tool Orders, y/y | June | -52.8% | -32.0% | |
| 06:00 | Germany | Trade Balance (non s.a.), bln | May | 3.6 | 7.1 | |
| 08:00 | Eurozone | Eurogroup Meetings |
GBP rose against other major currencies in the European session on Thursday, as the British pound remained supported by the UK finance minister Rishi Sunak’s coronavirus recovery plan, while hopes of a swift global economic recovery bolstered the broad risk-on sentiment.
On Wednesday, Sunak unveiled the government’s plans, pledging new measures worth up to GBP 30 billion that were intended to help "protect and create jobs". In particular, he introduced a kickstart scheme subsidizing jobs for the young, a stamp duty holiday on properties, a VAT cut for the hospitality sector and a “Eat Out to Help Out” scheme offering discounts at restaurants.
Meanwhile, the Brexit risks continued to weigh on the British currency. The UK and EU negotiating teams kicked off a new round of talks on a post-Brexit trade deal on Tuesday. Germany's Chancellor Angela Merkel said that progress in Brexit negotiations had been slim despite accelerated efforts from both sides. She also promised to "continue to push for a good solution", but added that the EU should "prepare for a possibility of a no-deal scenario."
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
