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- European session review: GBP weakens, weighed down by grim GDP numbers, Brexit risks and coronavirus resurgence concerns
European session review: GBP weakens, weighed down by grim GDP numbers, Brexit risks and coronavirus resurgence concerns
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | United Kingdom | Business Investment, y/y | Quarter I | 2.3% | 0.7% | 0.8% |
| 06:00 | United Kingdom | Current account, bln | Quarter I | -9.2 | -15.4 | -21.1 |
| 06:00 | United Kingdom | Business Investment, q/q | Quarter I | -0.3% | 0% | -0.3% |
| 06:00 | United Kingdom | GDP, q/q | Quarter I | 0.0% | -2% | -2.2% |
| 06:00 | United Kingdom | GDP, y/y | Quarter I | 1.1% | -1.6% | -1.7% |
| 06:30 | Switzerland | Retail Sales (MoM) | May | -14.7% | 30.7 | |
| 06:30 | Switzerland | Retail Sales Y/Y | May | -18.8% | 6.6% | |
| 06:45 | France | CPI, m/m | June | 0.1% | -0.1% | |
| 06:45 | France | Consumer spending | May | -19.1% | 30% | 36.6% |
| 06:45 | France | CPI, y/y | June | 0.4% | 0.1% | |
| 07:00 | Switzerland | KOF Leading Indicator | June | 49.6 | 77 | 59.4 |
| 09:00 | Eurozone | Harmonized CPI ex EFAT, Y/Y | June | 0.9% | 0.8% | 0.8% |
| 09:00 | Eurozone | Harmonized CPI, Y/Y | June | 0.1% | 0.1% | 0.3% |
| 10:00 | United Kingdom | MPC Member Andy Haldane Speaks | ||||
| 11:00 | U.S. | FOMC Member Williams Speaks | ||||
| 12:30 | Canada | GDP (m/m) | April | -7.2% | -13% |
GBP fell against most major currencies in the European session on Thursday, weighed down by poor GDP data, lingering fears that Britain will leave the EU without a trade deal, as well as growing concerns that the recent surge in global coronavirus infections could put at risk a near-term recovery.
The Office for National Statistics (ONS) reported the Uk's economy shrank by 2.2% in the first quarter of 2020 instead of a 2.0 percent decrease estimated initially. That was the largest drop in UK GDP since the third quarter of 1979. Economists had forecast the reading to be unrevised. In y/y terms, GDP fell 1.7 percent in the first quarter, revised down from 1.6 percent estimated in May.
Meanwhile, the UK's PM Boris Johnson pledged to make the country the most attractive place to invest and set up a company. He said that finance minister Rishi Sunak would set out plans for "Phase One" of the economy next week.
Coronavirus resurgence concerns and risks of a no-deal Brexit also continued to keep the pound under pressure.
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