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- European session review: GBP strengthens amid hopes of workable COVID-19 vaccine
European session review: GBP strengthens amid hopes of workable COVID-19 vaccine
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 07:00 | United Kingdom | Average earnings ex bonuses, 3 m/y | September | 0.9% | 1.5% | 1.9% |
| 07:00 | United Kingdom | Average Earnings, 3m/y | September | 0.1% | 1% | 1.3% |
| 07:00 | United Kingdom | ILO Unemployment Rate | September | 4.5% | 4.8% | 4.8% |
| 07:00 | United Kingdom | Claimant count | October | -40.2 | 50 | -29.8 |
| 07:45 | France | Industrial Production, m/m | September | 1.1% | 0.8% | 1.4% |
| 10:00 | Eurozone | ZEW Economic Sentiment | November | 52.3 | 32.8 | |
| 10:00 | Germany | ZEW Survey - Economic Sentiment | November | 56.1 | 41.7 | 39 |
GBP appreciated against its major rivals in the European session on Tuesday as Monday's promising Pfizer-BioNTech COVID vaccine news raised hopes for a workable treatment to the disease, which has plunged the world economy into a crisis this year. The availability of the coronavirus vaccine is seen as crucial for the full global economic recovery.
Meanwhile, Brexit uncertainty persists, although hopes for the EU-UK trade deal were raised after the UK’s House of Lords rejected the government’s Internal Markets bill, an obstacle that might have the EU from signing off on a trade deal with the UK. Adding to the optimism, the UK finance minister Rishi Sunak said on Monday that both sides made progress in trade talks and a deal can be done.
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