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- European session review: GBP weakens, weighed down by uncertainty around post-Brexit UK-EU trade relationship, BoE's Saunders' remarks
European session review: GBP weakens, weighed down by uncertainty around post-Brexit UK-EU trade relationship, BoE's Saunders' remarks
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | Germany | Factory Orders s.a. (MoM) | July | 28.8% | 5% | 2.8% |
| 08:30 | United Kingdom | PMI Construction | August | 58.1 | 58.5 | 54.6 |
| 09:30 | United Kingdom | MPC Member Saunders Speaks |
GBP fell against most other major currencies in the European session on Friday, as uncertainty around the trade relationship between the UK and the EU beyond a transition period that ends on December 31 continued to weigh on the pound.
Market participants also assessed the comments by the Bank of England's (BoE) policymaker Michael Saunders, who sounded warning over economic recovery. He noted that "risks lie on the side of a slower recovery over the next year or two" and if these risks develop "then some further monetary loosening may be needed in order to support the economy and prevent a persistent undershoot of the 2% inflation target." The policymaker also forecast that unemployment will "rise significantly" in the coming quarters. He also stressed that uncertainties in the outlook are unusually high at present and added that the outlook for the economy will depend in large part on dynamics of the COVID-19 pandemic, the extent of progress in vaccines, as well as the reaction of households, businesses and governments to those developments.
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