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The British pound took early week hits on both broadly negative risk sentiment, rising coronavirus cases, and potential lockdowns coming to the U.K.

But traders changed their tune on Sterling mid-week as rhetoric on Brexit improved from various top EU and U.K. officials, positive economic updates from the U.K., and additional stimulus was announced to help the U.K.’s employment situation.

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


UK House prices: Price of property coming to market up 0.2% m/m in September vs. -0.2% in August – Rightmove

UK heading for 50,000 coronavirus cases per day if no action is taken, government scientists warn

UK manufacturers see little sign of ‘V’-shaped recovery

UK ‘at critical moment’ in controlling virus spread, says Grant Shapps


EU-UK Brexit talks challenging, Simon Coveney claims

UK Manufacturer output volumes in the three months to Sept. fell at a slower pace than in Aug. – CBI Survey

BOE Governor Bailey talks down the idea of moving rates to negative – short-term bullish reaction in Sterling as traders seemed to flip their focus back to Brexit and pandemic challenges to push the currency lower against the major during the U.S. session.

Boris Johnson says UK is at a ‘perilous turning point’ and tells people to work from home


UK recovery loses momentum in September and business outlook drops to its weakest since May

U.K. Warns of 7,000-Truck Line in Worst-Case Brexit Scenario

UK confident on overcoming difficulties to get EU deal: Gove

Irish PM says EU-UK trade deal can be reached

EU chief negotiator ‘determined’ to get Brexit deal but will be firm


UK Headline retail sales growth fastest in 18 months, but some sub-sectors continue to struggle

Rishi Sunak unveils emergency jobs scheme – will replace the furlough scheme; workers will get three quarters of their normal salaries for six months.

EU/UK trade deal will fail if divorce treaty threatened, Ireland says


UK public borrowing overtakes financial crisis peak

Fitch Affirms the UK at ‘AA-‘; Outlook Negative

UK Consumer Confidence improves two points in September

U.K. Budget Deficit Hits $222 Billion Under Lockdowns

  • Bank of England 2020 Q3 Quarterly Bulletin
    • Businesses reported that the spread of Covid-19 and the measures to contain it led to a fall in sales of around 30% in 2020 Q2. Sales are expected to recover gradually, but further reductions in employment are expected in the second half of 2020.
    • Businesses’ expectations of future sales and employment growth became skewed to the downside. This means that businesses thought that there was an increased risk of bad outcomes occurring.