{"id":97864,"date":"2020-03-24T03:00:04","date_gmt":"2020-03-24T07:00:04","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=97864"},"modified":"2020-03-24T04:01:48","modified_gmt":"2020-03-24T08:01:48","slug":"102778-gbp-eur-pound-advances-pmis-in-focus","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102778-gbp-eur-pound-advances-pmis-in-focus\/","title":{"rendered":"GBP\/EUR: Pound Advances, UK Lock Down, PMI\u2019s In Focus"},"content":{"rendered":"

The Pound<\/a> plunged versus the Euro<\/a> in the previous session as the UK prepared for lock down. The Pound versus Euro exchange rate<\/a> tumble, hitting a nadir of \u20ac1.0649 before closing 0.9% lower at \u20ac1.0771. Despite the steep fall, the Pound stayed above last week\u2019s 11 year low of \u20ac1.0523.<\/p>\n

Today, at 06:30 UTC, GBP\/EUR<\/a> is trading +0.2% at \u20ac1.087 as investors look cautiously ahead to PMI readings from both the eurozone and the UK.<\/p>\n

Check real time GBP to EUR exchange rate<\/span><\/a><\/div>\n

Pound Rebounds As Britain Locks Down<\/h2>\n

Last night Prime Minister Boris Johnson announced a lock down in UK. In the biggest ever restriction on public freedom, Boris Johnson bans people from leaving home except for food, medical treatment and daily exercise. The move effectively paralyses the UK economy. The Pound had been expecting the move, declining sharply across Monday.<\/p>\n

Investors will now look towards the release of the manufacturing and service sector PMI\u2019s. Analysts are expecting the figures to show the initial impact of coronavirus on the UK economy. Analysts are forecasting activity in the manufacturing sector will slump to 45 in March, down from 51.7 in February. \u00a0The service sector, the dominant sector in the UK economy is expected to slump from 53.2 last month to 45. The figure 50 separates expansion from contraction.<\/p>\n

Just as the UK economy was getting back on its feet after the decisive Conservative election in December following persistent Brexit uncertainty.<\/p>\n

Eurozone Paves Way For Increased Fiscal Spending<\/h2>\n

The euro pushed higher on Monday despite Eurozone consumer confidence hitting a 5 year low. According to data from the European Commission consumer morale plummeted in March, giving the first glimpse of the economic impact that the measure to stop the spread of coronavirus are having.<\/p>\n

The consumer confidence indicator fell a record 5 points to -11.6, its lowest level since 2014 and well below its long-term average. Consumers are fearful that they will lose their jobs after lock downs imposed by Italian, Spanish, French and German governments.<\/p>\n

Euro investors are also reacting to the news the Eurozone finance ministers have agreed to activate the escape clause of the EU fiscal framework, for the first time. This means that countries are now allowed to temporarily deviate from the regular fiscal rules. Together with the previously announced ECB\u2019s Pandemic Emergency Purchase Programme (PEPP), it paves the way for significant fiscal spending by national governments.<\/p>\n

Investors will now turn to Eurozone PPMI data, which is expected to show a significant drop in activity.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Pound plunged versus the Euro in the previous session as the UK prepared for lock down. The Pound versus Euro exchange rate tumble, hitting a nadir of \u20ac1.0649 before closing 0.9% lower at \u20ac1.0771. Despite the steep fall, the Pound stayed above last week\u2019s 11 year low of \u20ac1.0523. Today, at 06:30 UTC, GBP\/EUR […]<\/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":[1396,2139,1395,1393,1394,2410,2479,1454,1391],"class_list":{"0":"post-97864","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-gbp","9":"tag-boris-johnson","10":"tag-coronavirus","11":"tag-eur","12":"tag-euro","13":"tag-gbp","14":"tag-gbp-eur","15":"tag-lock-down","16":"tag-pmi","17":"tag-pound"},"acf":[],"yoast_head":"\nGBP\/EUR: Pound Advances, UK Lock Down, PMI\u2019s In Focus - 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\/102778-gbp-eur-pound-advances-pmis-in-focus\/\" \/>\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\\\/102778-gbp-eur-pound-advances-pmis-in-focus\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102778-gbp-eur-pound-advances-pmis-in-focus\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/EUR: Pound Advances, UK Lock Down, PMI\u2019s In Focus\",\"datePublished\":\"2020-03-24T07:00:04+00:00\",\"dateModified\":\"2020-03-24T08:01:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102778-gbp-eur-pound-advances-pmis-in-focus\\\/\"},\"wordCount\":439,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102778-gbp-eur-pound-advances-pmis-in-focus\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/02\\\/Boris-Johnson.jpg\",\"keywords\":[\"boris johnson\",\"coronavirus\",\"eur\",\"euro\",\"gbp\",\"gbp\\\/eur\",\"lock down\",\"pmi\",\"pound\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102778-gbp-eur-pound-advances-pmis-in-focus\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102778-gbp-eur-pound-advances-pmis-in-focus\\\/\",\"name\":\"GBP\\\/EUR: Pound Advances, UK Lock Down, PMI\u2019s In Focus - 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