{"id":97395,"date":"2020-03-11T10:00:01","date_gmt":"2020-03-11T14:00:01","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=97395"},"modified":"2020-03-11T10:08:04","modified_gmt":"2020-03-11T14:08:04","slug":"102657-gbp-eur-pound-shrugs-off-end-of-austerity","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102657-gbp-eur-pound-shrugs-off-end-of-austerity\/","title":{"rendered":"GBP\/EUR: Pound Shrugs Off The End OF Austerity"},"content":{"rendered":"

After a knee jerk sell off reaction on the announcement of the Bank of England rate cut, the Pound<\/a> actually rose versus the Euro<\/a> to hit a peak of \u20ac1.1475. The Pound versus Euro<\/a> Exchange rate has since slipped lower, even as the UK Government goes on a spending spree to shore up the UK economy in the face of coronavirus.<\/p>\n

At 13:30 UTC and midway through the Chancellor\u2019s Budget speech GBP\/EUR<\/a> was trading -0.25% at \u20ac1.1408.<\/p>\n

Chancellor Pledges \u00a330 Billion Stimulus For Coronavirus<\/h2>\n

The Pound sold off from session highs prior to the start of the Budget and seemed fairly unimpressed with the end of austerity. The Government announced the biggest rise in borrowing in 30 years as it mapped out its plan to steer the economy through the coronavirus<\/a> outbreak. The Chancellor Rishi Sunak acknowledged that he expected coronavirus to have a negative impact on the UK economy. However, he also stated that he expects it to be temporary.<\/p>\n

The measures included a \u00a35 billion response fund to support the NHS and measures to support small and medium sized businesses with sick pay, hardship funds and business interruption loans.<\/p>\n

Euro Advances As Merkel Steps In<\/h2>\n

The Euro is trading broadly higher versus its major peers, despite the number of coronavirus cases across the region rising rapidly. The continued lift in the euro is partly because the European Central Bank have limited scope for action, given that the interest rates are already in negative territory. However, it is also partly thanks to the growing acceptance by Germany that increased fiscal spending will be necessary too in order to navigate through the coronavirus hit.<\/p>\n

Angela Merkel, Germany\u2019s Chancellor said that Germany will do whatever is required to limit the impact of coronavirus on Europe\u2019s biggest economy. This is the first time that she has discussed her country\u2019s response\u00a0 to the growing crisis, as she referred to budget spending on health measures and a pledge to help ailing companies with cash flow.<\/p>\n

Investors will now look ahead to The ECB\u2019s interest rate announcement tomorrow to see how the central bank intends to support the economy through the difficult weeks ahead.<\/p>\n","protected":false},"excerpt":{"rendered":"

After a knee jerk sell off reaction on the announcement of the Bank of England rate cut, the Pound actually rose versus the Euro to hit a peak of \u20ac1.1475. The Pound versus Euro Exchange rate has since slipped lower, even as the UK Government goes on a spending spree to shore up the UK […]<\/p>\n","protected":false},"author":163946597,"featured_media":5416,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[2490,1439,2324,2139,1395,1393,1506,1394,2466,1391,2322],"class_list":{"0":"post-97395","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-gbp","9":"tag-angela-merkel","10":"tag-boe","11":"tag-budget","12":"tag-coronavirus","13":"tag-eur","14":"tag-euro","15":"tag-fiscal-stimulus","16":"tag-gbp","17":"tag-gbp-chf","18":"tag-pound","19":"tag-rishi-sunak"},"acf":[],"yoast_head":"\nGBP\/EUR: Pound Shrugs Off The End OF Austerity - 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\/102657-gbp-eur-pound-shrugs-off-end-of-austerity\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\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\\\/102657-gbp-eur-pound-shrugs-off-end-of-austerity\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102657-gbp-eur-pound-shrugs-off-end-of-austerity\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/EUR: Pound Shrugs Off The End OF Austerity\",\"datePublished\":\"2020-03-11T14:00:01+00:00\",\"dateModified\":\"2020-03-11T14:08:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102657-gbp-eur-pound-shrugs-off-end-of-austerity\\\/\"},\"wordCount\":368,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102657-gbp-eur-pound-shrugs-off-end-of-austerity\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100932-gbp-eur-brexit-summit.jpg\",\"keywords\":[\"Angela Merkel\",\"boe\",\"budget\",\"coronavirus\",\"eur\",\"euro\",\"fiscal stimulus\",\"gbp\",\"gbp\\\/chf\",\"pound\",\"Rishi Sunak\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102657-gbp-eur-pound-shrugs-off-end-of-austerity\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102657-gbp-eur-pound-shrugs-off-end-of-austerity\\\/\",\"name\":\"GBP\\\/EUR: Pound Shrugs Off The End OF Austerity - 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