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There wasn’t much on the United Kingdom’s calendar to work with, and news headlines were pretty bare outside of coronavirus updates, so it’s likely this week’s mixed but positive performance against the majors was due to counter currency flows and global risk sentiment.

Overlay of GBP Pairs: 1-Hour Forex Chart
Overlay of GBP Pairs: 1-Hour Forex Chart
GBP Weekly Performance from MarketMilk
GBP Weekly Performance from MarketMilk

United Kingdom Headlines and Economic data

Monday:

Sunak says Britain’s GDP may fall by up to 30% amid virus crisis

Broad moves in Sterling on the Monday session, perhaps a move on global risk sentiment which somewhat shifted positive to start the week after OPEC+ agrees on a record oil production cut to end the price war during the weekend.

Tuesday:

UK likely to extend lockdown as death toll tops 11,000

Another broad move higher during the Tuesday session, also likely on positive global risk sentiment after better-than-expected Chinese data, and possibly on U.S. dollar weakness.

Wednesday:

U.K. BRC retail sales monitor down by 3.5% vs. expected 5.5% slump

Thursday:

Bank of England Credit conditions survey for Q1 2020: Taken mostly before the rapid escalation of the coronavirus pandemic, we saw demand rise for credit

BoE’s Tenreyro sees ‘extremely large’ hit from COVID-19

Somewhat of a broad move lower in Sterling pairs on the session, likely due to U.S. dollar strength after prospects of the U.S. having a plan to re-open the economy (Trump suggests U.S. states re-open economies in three phases in new guidelines).

Friday:

Bank of England tells lenders to ‘get on with’ Covid-19 business loans