{"id":97539,"date":"2020-03-16T03:00:42","date_gmt":"2020-03-16T07:00:42","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=97539"},"modified":"2020-03-16T05:20:56","modified_gmt":"2020-03-16T09:20:56","slug":"102689-gbp-eur-pound-rebounds-as-uk-government-considers-stricter-measures","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102689-gbp-eur-pound-rebounds-as-uk-government-considers-stricter-measures\/","title":{"rendered":"GBP\/EUR: Pound Rebounds As UK Government Considers Stricter Measures"},"content":{"rendered":"

The Pound versus euro<\/a> dived 4.3% across the previous week, in its worst weekly performance since October 2016. On Friday alone the Pound<\/a> dropped 1.6% against the common currency, hitting a 6-month nadir of \u20ac1.1047 as coronavirus dominated trading and central banks took action.<\/p>\n

As the new week kicks off sentiment is driving trading as investors are reacting to the weekend coronavirus<\/a> headlines. A volatile week is expected. At 06:30 UTC, GBP\/EUR<\/a> has pushed higher +0.3% at \u20ac1.1090, down from a high of \u20ac1.1128 reached overnight.<\/p>\n

Benefits of Coordinated BoE & Chancellor\u2019s Stimulus Package Short Lived<\/h2>\n

Support for the Pound stemming from the UK government budget proved to be short lived and sterling was one of the biggest losers versus its major peers across the previous week. Chancellor Rishi Sunak announced \u00a330 billion economic stimulus plan. In addition to the Budget last week, Pound investors also digested a 50-basis point emergency rate cut by the BoE; a coordinated move with the Government.<\/p>\n

Last week Boris Johnson moved England to the second phase of response to the virus. The \u201cdelay\u201d phase. However, pound investors were disappointed by the relatively relaxed measures. Over the weekend Boris Johnson came under growing pressure to jump forward with the response, closing schools and isolating the elderly. The UK\u2019s lack of action could keep harming the pound. Should the UK introduce stricter measures, the pound could see a boost.<\/p>\n

Europe On Lock Down<\/h2>\n

The new week begins with significant coronavirus developments in Europe. France, Italy and Spain are now on coronavirus lock down as the number of cases and deaths escalate. Businesses are grinding to a halt and Europe is facing more draconian measures. The economic toll of the outbreak on the already fragile eurozone economy is unnerving investors<\/p>\n

Last week the European Central Bank held its monetary policy last week. The central bank failed to cut rates but did implement some smaller more focused measures such as adding a further \u20ac120 billion bond purchases across the year. On Friday, the European Commission also announced a series of measures to support the region\u2019s economy, including \u20ac27 billion to respond to coronavirus. However, there are serious doubts over whether these moves will be enough to stave off a recession in the block.<\/p>\n

European stock markets are pointing to a sharp drop on the open as investors continue to flee from riskier assets.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Pound versus euro dived 4.3% across the previous week, in its worst weekly performance since October 2016. On Friday alone the Pound dropped 1.6% against the common currency, hitting a 6-month nadir of \u20ac1.1047 as coronavirus dominated trading and central banks took action. As the new week kicks off sentiment is driving trading as […]<\/p>\n","protected":false},"author":163946597,"featured_media":96185,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1396,2437,2503,1393,1394,2410,2479,1391,1414],"class_list":["post-97539","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eur","category-gbp","tag-boris-johnson","tag-coronvirus","tag-delay-stage","tag-euro","tag-gbp","tag-gbp-eur","tag-lock-down","tag-pound","tag-recession"],"acf":[],"yoast_head":"\nGBP\/EUR: Pound Rebounds As UK Government Considers Stricter Measures - 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\/102689-gbp-eur-pound-rebounds-as-uk-government-considers-stricter-measures\/\" \/>\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\\\/102689-gbp-eur-pound-rebounds-as-uk-government-considers-stricter-measures\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102689-gbp-eur-pound-rebounds-as-uk-government-considers-stricter-measures\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/EUR: Pound Rebounds As UK Government Considers Stricter Measures\",\"datePublished\":\"2020-03-16T07:00:42+00:00\",\"dateModified\":\"2020-03-16T09:20:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102689-gbp-eur-pound-rebounds-as-uk-government-considers-stricter-measures\\\/\"},\"wordCount\":398,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102689-gbp-eur-pound-rebounds-as-uk-government-considers-stricter-measures\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/02\\\/Boris-Johnson.jpg\",\"keywords\":[\"boris johnson\",\"coronvirus\",\"delay stage\",\"euro\",\"gbp\",\"gbp\\\/eur\",\"lock down\",\"pound\",\"recession\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102689-gbp-eur-pound-rebounds-as-uk-government-considers-stricter-measures\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102689-gbp-eur-pound-rebounds-as-uk-government-considers-stricter-measures\\\/\",\"name\":\"GBP\\\/EUR: Pound Rebounds As UK Government Considers Stricter Measures - 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