Confirmation that the UK economy experienced a significant contraction in the first quarter left the pound on a weaker footing last week. While a downward revision to the fourth quarter German gross domestic product pushed the Eurozone’s powerhouse economy into a state of recession, this failed to weigh on the euro. Meanwhile support for the [...] Read more about: "UK economy contraction"
Support for the pound weakened in response to the uk manufacturing trends, pointing towards a sharp loss of economic momentum.
Read more about: "Pound under pressure from lower manufacturing trends"
A smaller than expected decline from the British Retail Consortium for retail sales figure was not enough to keep the pound from edging lower
Read more about: "The Pound fluctuates with news of retail sales figure"
Euro recovers ground as Eurozone finance ministers reach support agreement. News that an agreement had finally been reached helped EUR bounce back
Read more about: "Pound bounces to one-month highs"
The rising number of coronavirus infections and deaths in the UK, coupled with a concerning slump in service sector output, put the pound under pressure towards the end of last week. Political squabbles within the Eurozone put a dampener on the euro, meanwhile, as Germany dug in its heels over a proposed shared debt scheme [...] Read more about: "Pound falls from 3-week high vs euro"
The BoE to deliver its second emergency policy move in as many weeks, cutting interest rates to a fresh record low of 0.1%.
Read more about: "Pound recovers from 35-year low vs US dollar"
policymakers voted unanimously to slash interest rates from 0.75% to 0.25% to defend against the impact of the coronavirus.
Read more about: "Coronavirus & currency market chaos"
Currency markets were rocked last week after a number of central bank’s moved to cut interest rates, as the economic impact of the coronavirus threatens to plunge parts of the world into a recession. Amidst an extremely chaotic start to the week we have seen GBP/EUR trading close to a five-month low at €1.1436, while [...] Read more about: "Coronavirus panic and rate cuts prompts market chaos"
Decrease in the odds of the Brexit transition period ending without a fresh UK-EU trade deal saw the pound fall sharply out of favour last week
Read more about: "Pound stumbles thanks to spike in no-deal Brexit fears"
The mood towards the pound improved after the UK’s manufacturing PMI delivered an unexpectedly positive reading for February. The European Central Bank’s (ECB) January meeting minutes offered encouragement to the euro, meanwhile, as their tone proved more optimistic than anticipated. A surprise contraction in the US services PMI saw the US dollar stumble ahead of [...] Read more about: "Positive UK manufacturing encourages pound recovery"
