{"id":102323,"date":"2020-07-24T11:47:25","date_gmt":"2020-07-24T15:47:25","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=102323"},"modified":"2020-07-24T11:47:25","modified_gmt":"2020-07-24T15:47:25","slug":"103694-gbp-eur-pound-edges-up-over-euro-on-talk-of-new-uk-infrastructure-bank","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103694-gbp-eur-pound-edges-up-over-euro-on-talk-of-new-uk-infrastructure-bank\/","title":{"rendered":"GBP\/EUR: Pound edges up over euro on talk of new UK Infrastructure Bank"},"content":{"rendered":"<p>The British pound is modestly higher against the euro on Friday.<\/p>\n<ul>\n<li><strong>UK Treasury plans a new infrastructure Bank<\/strong><\/li>\n<li><strong>Eurozone Composite July flash PMIs back into expansion<\/strong><\/li>\n<li><b>Pound snaps a 3-day losing streak<\/b><\/li>\n<li><strong>Exchange rate to finish the week flat<\/strong><\/li>\n<\/ul>\n<p>GBP\/EUR was lower by 16 pips (+0.14%) to 1.1000 as of 3pm GMT. This week the pound-euro exchange rate is little changed at -0.02%.<\/p>\n<p>The currency pair chopped around in a 40 pip range underneath 1.10 for most of the day. Yesterday it had fallen -0.16%.<\/p>\n<h2>GBP: New UK investment bank to be created<\/h2>\n<p>Sterling snapped a three-day losing streak and is on course to end the week flat against the euro.<\/p>\n<p>Brexit concerns appeared to weigh on the pound but the bigger theme across the week was that of US dollar weakness. The soft dollar propelled EUR\/USD above 1.16 and the GBP\/USD above 1.27 to the highest levels since March, as well as gold over $1900 per oz and close to a fresh record high.<\/p>\n<p>The economic data was well-received on both sides of the English Channel so it was the creation of a new UK infrastructure bank that gave the pound a small edge. The new bank would serve to replace the European Investment Bank after Brexit and help push forward Prime Minister Boris Johnson\u2019s \u201cLevel Up\u201d agenda. It would likely be formally announced in the August Statement by Chancellor Rishi Sunak according to the FT.<\/p>\n<h2>EUR: Eurozone economic activity picks up in July<\/h2>\n<p>The services and manufacturing sectors across the Euro-area improved at a much greater speed than anticipated in July. The service sector reading was the highest in over 2-years and the manufacturing the best in 18-months.\u00a0 The Eurozone July flash services PMI rose to 55.1 when a smaller rise to 51.1 was expected. The flash manufacturing PMI reading came in at 51.1 versus the 501.1 expected.<\/p>\n<p>Commenting on its own survey data Markit noted: <em>\u201cThe data add to signs that the economy should see a strong rebound after the unprecedented\u00a0collapse in the second quarter. However,\u00a0while the survey&#8217;s output measures hint at an initial v-shaped recovery, other indicators such as backlogs of work and employment warn of downside risks to the outlook.\u201d<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The British pound is modestly higher against the euro on Friday. UK Treasury plans a new infrastructure Bank Eurozone Composite July flash PMIs back into expansion Pound snaps a 3-day losing streak Exchange rate to finish the week flat GBP\/EUR was lower by 16 pips (+0.14%) to 1.1000 as of 3pm GMT. This week the [&hellip;]<\/p>\n","protected":false},"author":163946608,"featured_media":5523,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1657,2410,3020,3021,2600],"class_list":{"0":"post-102323","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-gbp","9":"tag-british-pound","10":"tag-gbp-eur","11":"tag-infrastructure-bank","12":"tag-investment-bank","13":"tag-services-pmi"},"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 edges up over euro on talk of new UK Infrastructure Bank - 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\/103694-gbp-eur-pound-edges-up-over-euro-on-talk-of-new-uk-infrastructure-bank\/\" \/>\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\\\/103694-gbp-eur-pound-edges-up-over-euro-on-talk-of-new-uk-infrastructure-bank\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103694-gbp-eur-pound-edges-up-over-euro-on-talk-of-new-uk-infrastructure-bank\\\/\"},\"author\":{\"name\":\"Jasper Lawler\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/7cdd4328aaa82c6c13caee5961755200\"},\"headline\":\"GBP\\\/EUR: Pound edges up over euro on talk of new UK Infrastructure Bank\",\"datePublished\":\"2020-07-24T15:47:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103694-gbp-eur-pound-edges-up-over-euro-on-talk-of-new-uk-infrastructure-bank\\\/\"},\"wordCount\":373,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103694-gbp-eur-pound-edges-up-over-euro-on-talk-of-new-uk-infrastructure-bank\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100601-gbp-usd-trade-plus-inflation.jpg\",\"keywords\":[\"british pound\",\"gbp\\\/eur\",\"infrastructure bank\",\"investment bank\",\"services PMI\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103694-gbp-eur-pound-edges-up-over-euro-on-talk-of-new-uk-infrastructure-bank\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103694-gbp-eur-pound-edges-up-over-euro-on-talk-of-new-uk-infrastructure-bank\\\/\",\"name\":\"GBP\\\/EUR: Pound edges up over euro on talk of new UK Infrastructure Bank - 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