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Sterling closes the week as a net loser, feeling the global risk aversion environment from growing coronavirus fears, speculation of Brexit talk breakdowns, and the possibility of the Bank of England to follow other recent major central banks actions of more stimulative policy changes.
United Kingdom Headlines and Economic data
Monday:
- Brexit Trade Talks Begin as Officials Warn of Risk of Breakdown
- Bank of England ready to act as cost of coronavirus mounts
- U.K. Mortgage Approvals Reach Highest Since Brexit Referendum
- British house prices to rise as UK-EU uncertainty fades: Reuters poll
- UK manufacturing expands at fastest pace since April 2019, but supply-chain disruptions grow
Tuesday:
- Mark Carney tells G7 Bank of England will give necessary support
- Bank of England’s Carney promises ‘powerful and timely’ coronavirus response
- UK PMI: Construction expands at fastest rate in over a year
Wednesday:
- U.K. Service sector growth slows in February
- Next BoE governor Bailey tells UK firms to expect coronavirus help
Thursday:
- EU’s Barnier says ‘serious’ differences in UK talks but deal possible
- UK will give economy support it needs to get through coronavirus: PM Johnson
- More firms expect Brexit uncertainty to stretch into 2021: Bank of England
- Negative global risk sentiment picked up during the Thursday session after California declared state of emergency over coronavirus, sending Sterling lower with exception to the Loonie (BOC cut rates this week) and the U.S. dollar (directly affected by the news and FOMC rate cut this week).
Friday:
- Mark Carney says Bank of England and Treasury working to tackle coronavirus fallout
- U.K. House prices in February 2020 were 2.8% higher than the same month a year earlier.
- More global risk aversion sentiment after the markets were hit with news of more than 100,000 infections worldwide and Coronavirus deaths rise to more than 3,300 worldwide.