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Mixed performance for the British pound this week as global risk aversion sentiment continue to dominate currency trading behavior.
The Coronavirus story had Sterling pulling back against the safe havens, while managing to squeeze out a small win against the comdoll currencies.
United Kingdom Headlines and Economic data
Monday:
- PM on Brexit collision course with France over ‘blackmail’ claim, as furious Priti Patel demands leak inquiry amid bullying allegations
- Coronavirus cases outside China surge, prompting traders to start traders the new week in fear mode and really staying that way through Friday. Sterling tends to fall against the majors in this type of environment, with exception to the comdolls, which are considered more “risk-on” currencies than the British pound.
Tuesday:
- BoE’s Haldane sees ‘stirring in the undergrowth’ on UK business investment
- U.K. Retailers investment intentions rebound but sales are flat
- EU foresees ‘very hard’ talks with UK on future ties, warns on Irish border
- The positive economic updates on the session from the U.K. were enough to give Sterling broad gains in a continued global risk aversion environment, one that intensified as more cases were confirmed outside of China in Iran, South Korea and Italy.
Wednesday:
- U.K. BRC shop price index down 0.6% y/y in Feb after previous 0.3% dip
- UK can’t have EU market access without fair competition guarantees: Barnier
- New coronavirus cases outside China exceeded those in China for the first time, WHO says
Thursday:
- Central banks cannot offset coronavirus supply shock – BoE’s Cunliffe
- Britain, on trade collision course with EU, says it could walk away – The U.K. released their negotiating mandate that reaffirmed their willingness to trade on a no-deal basis, which was likely the catalyst for the pound’s broad move lower during the European trading session.
- Brexit talks will be tough, short, but agreement possible – Barnier
- No need to reach for policy ‘panic button’, BoE’s Cunliffe says
- CDC confirms first US coronavirus case of ‘unknown’ origin; California monitors over 8,000
Friday: