{"id":100988,"date":"2020-06-09T12:35:33","date_gmt":"2020-06-09T16:35:33","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=100988"},"modified":"2020-06-09T12:35:33","modified_gmt":"2020-06-09T16:35:33","slug":"103378-gbp-eur-pound-falls-after-cunliffe-says-negative-rates-possible-tool-for-boe","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103378-gbp-eur-pound-falls-after-cunliffe-says-negative-rates-possible-tool-for-boe\/","title":{"rendered":"GBP\/EUR: Pound falls after Cunliffe says negative rates \u201cpossible tool\u201d for BOE"},"content":{"rendered":"<p>The British pound is lower against the euro on Tuesday.<\/p>\n<ul>\n<li><strong>Cunliffe says \u201cNegative rates are one possible tool\u201d for Bank of England<\/strong><\/li>\n<li><strong>German trade balance craters in April<\/strong><\/li>\n<li><strong>Fading investor optimism before Fed meeting<\/strong><\/li>\n<li><strong>Pound-euro exchange flat at -0.04% this week<\/strong><\/li>\n<\/ul>\n<p>GBP\/EUR was lower by 42 pips (-0.40%) to 1.1216 as of 3pm GMT.<\/p>\n<p>The currency pair reached highs of 1.127 before erasing the gains and turning lower on the day, only finding support at 1.12.<\/p>\n<h2>GBP: Cunliffe calls negative rates \u201cpossible tool\u201d<\/h2>\n<p>Some more downbeat comments from a British central banker acted as a weight on Sterling on Tuesday, as did a more \u2018risk-off\u2019 tone in markets that dragged European shares into the red for a second day.<\/p>\n<p>The Bank of England\u2019s Jon Cunliffe told the Investment Association that the the Covid-19 crisis is &#8220;very far from over&#8221; and that there is likely to be great deal of pain for financial sector, noting that UK money market funds source of vulnerability.<\/p>\n<p>He also reiterated comments from Governor Andrew Bailey on negative rates, saying they \u201care one possible tool the Bank of England might use to support demand.\u201d Cunliffe was also cautious about the latest data showing some economic recovery over April saying \u201cIt is very early to say what this means for recovery in Q3 and Q4.\u201d<\/p>\n<h2>EUR: Germany trade balance craters<\/h2>\n<p>The euro fared well in the face of growing evidence of just what a rough month April was for Germany\u2019s economy. On Tuesday, data revealed that Germany\u2019s trade balance plummeted to \u20ac3.2 billion versus the \u20ac11.6 billion expected, owing to a -24.0% plunge in exports, much greater than the -15.6% forecast by economists.<\/p>\n<p>The depth of the downturn in April during lockdown adds extra weight to the progress in the economic reopening that has fuelled a return in optimism across markets in the past few weeks.<\/p>\n<p>ECB Executive board member Isabel Schnabel may have offered some support to the euro suggesting that \u201cbond buying is currently more effective than negative rates,\u201d although she added that &#8220;lowering interest rates remain an option for future.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The British pound is lower against the euro on Tuesday. Cunliffe says \u201cNegative rates are one possible tool\u201d for Bank of England German trade balance craters in April Fading investor optimism before Fed meeting Pound-euro exchange flat at -0.04% this week GBP\/EUR was lower by 42 pips (-0.40%) to 1.1216 as of 3pm GMT. The [&hellip;]<\/p>\n","protected":false},"author":163946608,"featured_media":5533,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[2848,1393,2410,2847,1391,2849],"class_list":{"0":"post-100988","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-gbp","9":"tag-cunliffe","10":"tag-euro","11":"tag-gbp-eur","12":"tag-germany-trade-balance","13":"tag-pound","14":"tag-schnabel"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/EUR: Pound falls after Cunliffe says negative rates \u201cpossible tool\u201d for BOE - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/103378-gbp-eur-pound-falls-after-cunliffe-says-negative-rates-possible-tool-for-boe\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jasper Lawler\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103378-gbp-eur-pound-falls-after-cunliffe-says-negative-rates-possible-tool-for-boe\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103378-gbp-eur-pound-falls-after-cunliffe-says-negative-rates-possible-tool-for-boe\\\/\"},\"author\":{\"name\":\"Jasper Lawler\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/7cdd4328aaa82c6c13caee5961755200\"},\"headline\":\"GBP\\\/EUR: Pound falls after Cunliffe says negative rates \u201cpossible tool\u201d for BOE\",\"datePublished\":\"2020-06-09T16:35:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103378-gbp-eur-pound-falls-after-cunliffe-says-negative-rates-possible-tool-for-boe\\\/\"},\"wordCount\":357,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103378-gbp-eur-pound-falls-after-cunliffe-says-negative-rates-possible-tool-for-boe\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100606-gbp-eur-pound-perks-up-trade-talks.jpg\",\"keywords\":[\"cunliffe\",\"euro\",\"gbp\\\/eur\",\"germany trade balance\",\"pound\",\"schnabel\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103378-gbp-eur-pound-falls-after-cunliffe-says-negative-rates-possible-tool-for-boe\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103378-gbp-eur-pound-falls-after-cunliffe-says-negative-rates-possible-tool-for-boe\\\/\",\"name\":\"GBP\\\/EUR: Pound falls after Cunliffe says negative rates \u201cpossible tool\u201d for BOE - 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