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.
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:
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
