Sterling was easily the biggest loser of the week as the bulls were hit from all angles. It was a combo of negative economic updates from the U.K., speculation of an extended lockdown, dire coronavirus numbers, and risk-off sentiment at the start of the week for an an early drop against the majors that GBP couldn’t recover from.
United Kingdom Headlines and Economic data
Monday:
UK recovery after lockdown may be slowed by caution: BoE’s Broadbent
UK shopping trips plummet and housing market freezes after lockdown
Global risk aversion sentiment dominates the markets, sparked by the historic crash in oil, to give Sterling a negative start to the week against the majors, with exception to the Canadian dollar.
Tuesday:
UK employment growth slowed in March as COVID began to hit: ONS
BoE’s Haldane voices doubt over rapid UK coronavirus recovery
UK’s COVID-19 death toll is far higher than daily figure, data suggests
Wednesday:
BoE’s Bailey says Britain should be cautious on lifting lockdown too early
UK inflation hits 1.5% as lockdown begins to bite
The annual price change for a property in the UK was 1.1% in Feb.
The British pound was able to bottom out during the Wednesday session, likely moving higher with improving global risk sentiment as oil bounced back from it’s historic crash earlier in the week.
Thursday:
Record declines in UK manufacturing and service sector output as public health crisis continues
UK public sector net debt excluding public sector banks increased of £30.5B to £1,804.0B
UK manufacturers reported the quickest falls in output volumes & total new orders since 2009 – CBI
UK facing historic economic shock, should recover after virus – BoE’s Vlieghe
Friday:
U.K. GfK consumer confidence index steady at -34 vs. -40 consensus
Britain running down the clock in Brexit talks, says Michel Barnier
U.K retail sales plunged in March, but just wait until April
