{"id":101124,"date":"2020-06-12T12:12:23","date_gmt":"2020-06-12T16:12:23","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=101124"},"modified":"2020-06-12T16:00:38","modified_gmt":"2020-06-12T20:00:38","slug":"103407-gbp-eur-pound-steadies-as-uk-april-gdp-crashes-20-m-m-worst-ever","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103407-gbp-eur-pound-steadies-as-uk-april-gdp-crashes-20-m-m-worst-ever\/","title":{"rendered":"GBP\/EUR: Pound steadies as UK April GDP crashes -20% m\/m \u2013 worst ever!"},"content":{"rendered":"<p>The British pound (GBP) is flat against the Euro (EUR) on Friday.<\/p>\n<ul>\n<li><strong>UK April GDP falls over 20% from March<\/strong><\/li>\n<li><strong>EU sets dates for July-Sept round of post-Brexit negotiations<\/strong><\/li>\n<li><strong>Stock markets rebound from steep Thursday sell-off<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-to-eur-exchange-rate-today\/\">Pound-Euro<\/a> exchange rate (GBP\/EUR) lower by -0.87% this week<\/strong><\/li>\n<\/ul>\n<p>GBP\/EUR was unchanged at (+0.00%) to 1.1149 as of 3pm GMT.<\/p>\n<p>The currency pair bounced back from yesterday\u2019s plunge below 1.11 to trade in a range around 1.115 for most of the day.<\/p>\n<div class=\"su-button-center\"><a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-to-eur-exchange-rate-today\/\" class=\"su-button su-button-style-flat button-internalbutton\" style=\"color:#ffffff;background-color:#f92658;border-color:#c81f47;border-radius:5px\" target=\"_self\"><span style=\"color:#ffffff;padding:0px 22px;font-size:17px;line-height:34px;border-color:#fb688b;border-radius:5px;text-shadow:none\"> Check real time GBP to EUR exchange rate<\/span><\/a><\/div>\n<h2>GBP: Worst ever UK monthly economic contraction<\/h2>\n<p>April was one for the record books in terms of monthly economic contractions. The value of UK gross domestic product (GDP) cratered -20.4% according to the Office for National Statisitcs- worse than the already horrific -18.7% projected. That is by far the worst drop ever recorded- and the Bank of England has been recording such statistics for longer than most global institutions. Every sector of the UK economy contracted in April. In March UK GDP fell -5.8% as lockdowns started towards the end of the month.<\/p>\n<p>Released at the same time, industrial production was just as bad \u2013 if not worse. Manufacturing production fell -28.5% versus the same time last year \u2013 much worse than the -28.5% y\/y expected.<\/p>\n<p>Still, as bad as the data was \u2013 the pound held up, as riskier assets globally retraced some of the steep losses from yesterday.<\/p>\n<h2>EUR: Dollar haven status weighs on the euro<\/h2>\n<p>Potentially helping the pound to the detriment of the euro was the announcement from the European Commission of a series of new dates for post-Brexit negations between July and September. It suggests the EU have now moved on from the idea of an extension to the transition period and are looking forward regardless.<\/p>\n<p>As the US dollar has strengthened since the Fed meeting as a haven in FX markets, the euro has been one of the hardest hit. The euro versus the dollar (EUR\/USD) fell to its lowest in eight days.<\/p>\n<p>The Eurozone had its own weak industrial data \u2013 with EZ April industrial production falling -17.1% &#8211; better than the -18.5% expected but clearly still very bad.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The British pound (GBP) is flat against the Euro (EUR) on Friday. UK April GDP falls over 20% from March EU sets dates for July-Sept round of post-Brexit negotiations Stock markets rebound from steep Thursday sell-off Pound-Euro exchange rate (GBP\/EUR) lower by -0.87% this week GBP\/EUR was unchanged at (+0.00%) to 1.1149 as of 3pm [&hellip;]<\/p>\n","protected":false},"author":163946608,"featured_media":3085,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[2649,2410,1525,1813],"class_list":{"0":"post-101124","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-gbp","9":"tag-eur-gbp","10":"tag-gbp-eur","11":"tag-industrial-production","12":"tag-uk-gdp"},"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 steadies as UK April GDP crashes -20% m\/m \u2013 worst ever! - 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\/103407-gbp-eur-pound-steadies-as-uk-april-gdp-crashes-20-m-m-worst-ever\/\" \/>\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\\\/103407-gbp-eur-pound-steadies-as-uk-april-gdp-crashes-20-m-m-worst-ever\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103407-gbp-eur-pound-steadies-as-uk-april-gdp-crashes-20-m-m-worst-ever\\\/\"},\"author\":{\"name\":\"Jasper Lawler\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/7cdd4328aaa82c6c13caee5961755200\"},\"headline\":\"GBP\\\/EUR: Pound steadies as UK April GDP crashes -20% m\\\/m \u2013 worst ever!\",\"datePublished\":\"2020-06-12T16:12:23+00:00\",\"dateModified\":\"2020-06-12T20:00:38+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103407-gbp-eur-pound-steadies-as-uk-april-gdp-crashes-20-m-m-worst-ever\\\/\"},\"wordCount\":394,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103407-gbp-eur-pound-steadies-as-uk-april-gdp-crashes-20-m-m-worst-ever\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100026-gbp-up-global-economy-usd-down.jpg\",\"keywords\":[\"eur\\\/gbp\",\"gbp\\\/eur\",\"industrial production\",\"uk gdp\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103407-gbp-eur-pound-steadies-as-uk-april-gdp-crashes-20-m-m-worst-ever\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103407-gbp-eur-pound-steadies-as-uk-april-gdp-crashes-20-m-m-worst-ever\\\/\",\"name\":\"GBP\\\/EUR: Pound steadies as UK April GDP crashes -20% m\\\/m \u2013 worst ever! 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