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- European session review: GBP depreciates amid reduced expectations of bigger fiscal stimulus from UK's new chancellor
European session review: GBP depreciates amid reduced expectations of bigger fiscal stimulus from UK's new chancellor
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 09:00 | Eurozone | Private Loans, Y/Y | January | 3.6% | 3.7% | 3.7% |
| 09:00 | Eurozone | M3 money supply, adjusted y/y | January | 4.9% | 5.3% | 5.2% |
| 10:00 | Eurozone | Industrial confidence | February | -7.0 | -7.3 | -6.1 |
| 10:00 | Eurozone | Consumer Confidence | February | -8.1 | -6.6 | -6.6 |
| 10:00 | Eurozone | Business climate indicator | February | -0.19 | -0.28 | -0.04 |
| 10:00 | Eurozone | Economic sentiment index | February | 102.6 | 102.8 | 103.5 |
| 10:30 | United Kingdom | MPC Member Cunliffe Speaks |
GBP depreciated against other major currencies in the European session on Thursday as investors' disappointment intensified over the prospect of the UK's newly appointed finance minister Rishi Sunak not providing the fiscal stimulus he had been expected to on March 11, when the Budget is sceduled to be presented.
The Financial Times (FT) reported the UK's Treasury officials had told Mr. Sunak that "there simply is no way of simultaneously increasing public spending as fast as prime minister Boris Johnson would like, keeping taxes down and adhering to new Treasury fiscal rules that only allow borrowing for capital investment."
Because of this, the UK's new chancellor of the exchequer could put off his decision on loosening fiscal policy until later in the year. The possibility of this decision was the main reason why GBP appreciated in recent weeks, despite worries that the UK may not agree a trade deal with the EU by the end of this year.
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