{"id":97918,"date":"2020-03-24T12:40:05","date_gmt":"2020-03-24T16:40:05","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=97918"},"modified":"2020-03-24T14:49:03","modified_gmt":"2020-03-24T18:49:03","slug":"102789-gbp-eur-euro-under-pressure-as-pmi-data-collapses-spain-death-toll-spikes","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102789-gbp-eur-euro-under-pressure-as-pmi-data-collapses-spain-death-toll-spikes\/","title":{"rendered":"GBP\/EUR: \u00a0Euro under Pressure as PMI Data Collapses, Spain Death Toll Spikes"},"content":{"rendered":"

The British pound<\/a> is higher against the euro<\/a> on Tuesday.<\/p>\n

The pound was bolstered by a widespread market recovery that saw stocks surge and bond yields rise on hopes that United States was on the verge of agreeing a coronavirus<\/a> relief package.<\/p>\n

Gains in the euro were capped by dire economic data that imply the Eurozone economy is likely already in a recession.<\/p>\n

Pound versus euro<\/a> was higher by 143 pips (+1.33%) to 1.0907 with a daily range of 1.0724 to 1.0928 as of 4pm GMT.<\/p>\n

The currency pair rebounded from yesterday\u2019s low under 1.07 to take out 1.09 on the topside, taking it mildly positive for the week by +0.18%.<\/p>\n

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

British pound rises with its data relatively less bad than in Europe<\/h2>\n

Survey data from purchasing managers painted a pretty bleak picture for the UK economy on Wednesday. The Markit Flash Composite PMI for March showed a reading of 37.1 -a collapse from the 53.0 reported in February and a new record low. The composite reading gives a combined reading for the services and manufacturing sectors. A reading above 50 signifies expansion while a reading below 50 shows a contraction.<\/p>\n

The purchasing managers surveyed gave their answers before the government introduced more severe measures to prevent the spread of the coronavirus.<\/p>\n

Euro under pressure as PMI data collapses, Spain death toll rises<\/h2>\n

While the numbers in the UK were bad, they were in many cases even worse in mainland Europe. The UK data was the best of a bad bunch, giving the pound a relative boost against the euro.<\/p>\n

In France the equivalent March PMI data crumbled to 30.2, down from 52 in February, while in Germany it was 37.2, down from 50.7.<\/p>\n

The spread of the coronavirus has taken hold quicker in mainland Europe so the readings are worse but British scientists seem to think this is only a lag, and the UK could soon find itself in equally difficult circumstances.<\/p>\n

A spike in the COVID-19 death toll in Spain to 514 in 24 hours added to the anxiety in FX markets.<\/p>\n","protected":false},"excerpt":{"rendered":"

The British pound is higher against the euro on Tuesday. The pound was bolstered by a widespread market recovery that saw stocks surge and bond yields rise on hopes that United States was on the verge of agreeing a coronavirus relief package. Gains in the euro were capped by dire economic data that imply the […]<\/p>\n","protected":false},"author":163946604,"featured_media":5623,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[2139,1395,1394,2410,1414],"class_list":["post-97918","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eur","category-gbp","tag-coronavirus","tag-eur","tag-gbp","tag-gbp-eur","tag-recession"],"acf":[],"yoast_head":"\nGBP\/EUR: \u00a0Euro under Pressure as PMI Data Collapses, Spain Death Toll Spikes - 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\/102789-gbp-eur-euro-under-pressure-as-pmi-data-collapses-spain-death-toll-spikes\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fabio Beccari\" \/>\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\\\/102789-gbp-eur-euro-under-pressure-as-pmi-data-collapses-spain-death-toll-spikes\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102789-gbp-eur-euro-under-pressure-as-pmi-data-collapses-spain-death-toll-spikes\\\/\"},\"author\":{\"name\":\"Fabio Beccari\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/33f0a0ab3cf382315be5bcec964c06cb\"},\"headline\":\"GBP\\\/EUR: \u00a0Euro under Pressure as PMI Data Collapses, Spain Death Toll Spikes\",\"datePublished\":\"2020-03-24T16:40:05+00:00\",\"dateModified\":\"2020-03-24T18:49:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102789-gbp-eur-euro-under-pressure-as-pmi-data-collapses-spain-death-toll-spikes\\\/\"},\"wordCount\":370,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102789-gbp-eur-euro-under-pressure-as-pmi-data-collapses-spain-death-toll-spikes\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100652-gbp-eur-downbeat-previous-week.jpg\",\"keywords\":[\"coronavirus\",\"eur\",\"gbp\",\"gbp\\\/eur\",\"recession\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102789-gbp-eur-euro-under-pressure-as-pmi-data-collapses-spain-death-toll-spikes\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102789-gbp-eur-euro-under-pressure-as-pmi-data-collapses-spain-death-toll-spikes\\\/\",\"name\":\"GBP\\\/EUR: \u00a0Euro under Pressure as PMI Data Collapses, Spain Death Toll Spikes - 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