{"id":102204,"date":"2020-07-22T02:00:09","date_gmt":"2020-07-22T06:00:09","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=102204"},"modified":"2020-07-22T08:14:06","modified_gmt":"2020-07-22T12:14:06","slug":"103666-gbp-eur-pound-extends-losses-as-brexit-optimism-fade","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103666-gbp-eur-pound-extends-losses-as-brexit-optimism-fade\/","title":{"rendered":"GBP\/EUR: Pound Extends Losses As Brexit Optimism Fade"},"content":{"rendered":"<ul>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-pound-sterling-live-exchange-rate\/\">Pound<\/a> (GBP) drops as UK government assumes there will be no trade deal with Europe<\/strong><\/li>\n<li><strong>UK public sector borrowing hit a record \u00a3128 million in 3 months to June<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/eur-euro-live-exchange-rate\/\">Euro<\/a> (EUR) supported by comments by ECB\u2019s De Guindos who suggests that the downturn hasn\u2019t been as bad as initially feared<\/strong><\/li>\n<li><strong>No high impacting data due for either side<\/strong><\/li>\n<\/ul>\n<p>The <a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-to-eur-exchange-rate-today\/\">Pound Euro<\/a> exchange rate (GBP\/EUR) is extending losses for a second session on Wednesday. The pair settled -0.1% lower at \u20ac1.1051 on Tuesday after falling from a weekly high of \u20ac1.1111. At 05:15 UTC, GBP\/EUR trades -0.1% at \u20ac1.1027, at the lower end of the daily traded range.<\/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<p>Brexit nerves are once again dragging on Sterling amid reports that the UK government is close to giving up hope of striking a post Brexit trade deal with the EU. The clock continues to tick towards the deadline of the end of July set by Boris Johnson.<\/p>\n<p>The government is assuming that there will not be a deal and the UK and EU will trade on World Trade Organization terms when the transition period comes to an end of December 31<sup>st<\/sup>. Given that these terms are unfavourable the Pound is dropping.<\/p>\n<p>Yesterday data showed that the UK net public sector borrowing surged to a record \u00a3128 billion in the three months to June, more than double the entire previous years\u2019 borrowing as lock down restrictions were at their strictest. Economist are increasingly expecting borrowing in the UK this year to be its largest since World War 2, relative to the size of the economy<\/p>\n<p>The Euro trended higher across the US session yesterday and continues on the front foot after European Central Bank policy maker De Guindos said that high frequency data indicates that the GDP contraction this year will be smaller than initially feared.<\/p>\n<p>Investors cheered the comments, particularly as Eurozone data has been relatively upbeat in recent weeks and as any flare ups in covid outbreaks have been quickly brought under control<\/p>\n<p>The Euro continues to be supported by news in the previous session that the EU leaders agreed on the EU recovery fund. Thus fund, through a combination of loans and grants will help those economies hardest hit by the coronavirus pandemic.<\/p>\n<p>There is no significant data due from either the UK or the Eurozone\u00a0 leaving sentiment and political headlines to drive the pair.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pound (GBP) drops as UK government assumes there will be no trade deal with Europe UK public sector borrowing hit a record \u00a3128 million in 3 months to June Euro (EUR) supported by comments by ECB\u2019s De Guindos who suggests that the downturn hasn\u2019t been as bad as initially feared No high impacting data due [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":5380,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1386,3007,1395,1393,1394,3006],"class_list":["post-102204","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eur","category-gbp","tag-brexit","tag-de-guindos","tag-eur","tag-euro","tag-gbp","tag-piound"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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