| 25 Nov 2020 |
12:47 |
GBP/USD - 1.3354... Reuters news, UK FinMin Sunak says :
- health emergency is not yet over
- economic emergency has only just begun
- immediate priority is to protect lives and jobs
- today's figures show 280 billion stg of support
- we will allocate an initial 18 bln stg for vaccines, testing and PPE next year
- next year's public services funding to tackle coronavirus will total 55 bln stg
- OBR forecasts show 2020 GDP contraction of 11.3%
- OBR forecasts show 2021 GDP growth of 5.5%
- OBR forecasts show 2022 growth of 6.6%
- long-term scarring means in 2025 economy will be about 3% small than forecast in Mar
- will spend 100 bln stg on capital spending next year
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| 25 Nov 2020 |
12:34 |
GBP/USD - 1.3337... Reuters reported British Prime Minister Boris Johnson said he would not be asking for more time to negotiate a post-Brexit trade deal with the European Union, confirming his long-held position that the current transition period would not be extended beyond Dec. 31.
"Of course we're not going to extend the transition period but we want to make practical arrangements to help businesses in Northern Ireland," Johnson told parliament.
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| 25 Nov 2020 |
12:33 |
GBP/USD - 1.3338... Reuters reported British Prime Minister Boris Johnson said on Wednesday his government was taking tough decisions now to try to make the economy bounce back from the damage done by COVID-19.
In parliament, he said the government had been able to provide funding during the pandemic "because we have a government that understands how to run a strong economy and makes sure it takes the tough decisions now that will allow our economy to bounce back".
He also said Britain should be proud of what it spent on its foreign aid budget, adding "that will continue", when he was asked whether the government would cut how much it spent on it.
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| 25 Nov 2020 |
12:04 |
GBP/USD - 1.3330... Reuters news, UK PM Johnson says :
- our position on fish hasn't changed, we'll only be able to make progress if EU accepts we need to control waters
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| 25 Nov 2020 |
11:56 |
GBP/USD - 1.3327... Reuters news, BoE's Saporta says :
- preparation for end of Brexit transition does not mean we won't have market volatility
- expects UK insurers' Brexit-related part VII transfers to be completed by year-end
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| 25 Nov 2020 |
11:19 |
EUR/GBP - 0.8927.. Reuters reported the head of the European Union's executive on Wednesday reported "genuine progress" in Brexit talks but said the risk of Britain leaving the EU without a new trade deal on Dec. 31 remained, an outcome she said the bloc was prepared for.
Britain and the EU are in a last-ditch effort to agree terms to keep trade flowing without tariffs or quotas from the start of 2021, after London's current standstill transition out of the 27-nation bloc ends.
"The next days are going to be decisive," said European Commission president Ursula von der Leyen. "The European Union is well prepared for a no-deal-scenario, but of course we prefer to have an agreement."
"With very little time ahead of us, we will do all in our power to reach an agreement. We are ready to be creative. But we are not ready to put into question the integrity of our single market," she added.
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| 25 Nov 2020 |
10:33 |
GBP/USD - 1.3323... Reuters news, UK PM Johnson's spokesman says :
- Cabinet was told OBR forecasts will show the impact the coronavirus has had
- the PM told Cabinet the gov't would work tirelessly on job creation, driving economic recovery and building back together
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| 25 Nov 2020 |
10:17 |
GBP/USD - 1.3320... The British pound traded sideways in Asia before retreating to 1.3338 ahead of European open. The pair then found renewed buying there and rose in-tandem with euro to 1.3384 in European morning, however, lack of follow-through buying triggered profit-taking and price tumbled to 1.3317 in Europe on cross-selling of sterling especially vs euro.
Cable's intra-day retreat from 1.3384 suggests further choppy trading below Monday's 11-week peak at 1.3397 would continue with downside bias and weakness to 1.3294 would be seen. Offers are now seen at 1.3350/60 with stops building up above there whilst initial bids are noted at 1.3260/70.
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| 25 Nov 2020 |
09:53 |
EUR/USD - 1.1901... Reuters news, ECB's de Guindos says :
- next generation fund key in reducing redenomination risk
- next generation EU fund must be implemented swiftly
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| 25 Nov 2020 |
09:01 |
USD/CHF - 0.9120... Reuters reported the Swiss investor sentiment index rose by 27.7 points in November to 30.0 points, Credit Suisse, which issues the indicator in cooperation with the CFA Society Switzerland, said on Wednesday.
Credit Suisse added that the sentiment indicator for the economic trend has recovered from the start of the second wave of coronavirus.
"Thanks to the news on vaccine availability, the analysts' opinions on the equity market have not been this optimistic for more than two years," it said.
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| 25 Nov 2020 |
08:17 |
EUR/USD - 1.1923... Reuters news, EU's von der Leyen says :
- relaxing measures too fast, too much is risk for third wave
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| 25 Nov 2020 |
08:09 |
EUR/GBP - 0.8902... Reuters Brexit news, EU's von der Leyen says :
- cannot say if there will be deal
- will do all in our power to reach a deal
- no one question UK's sovereignty on its own waters
- next days will be decisive, EU prepared for no deal scenario
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| 25 Nov 2020 |
07:58 |
EUR/USD - 1.1905... Reuters reported French Finance Minister Bruno Le Maire confirmed on Wednesday that he expects the French economy to grow by 6% in 2021.
The French government cut its 2021 growth outlook last week, after a COVID-19 resurgence forced it to impose a new lockdown.
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| 25 Nov 2020 |
07:24 |
EUR/USD - 1.1900... Reuters news, French FinMin says :
- country has managed to contain economic damage due to Covid-19 pandemic
- is in favor of opening of shops every Sunday until Christmas
- compensation scheme for businesses shut down due to Covid-19 will cost 1.6 bln euros per month
- economy will grow by 6% in 2021
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| 25 Nov 2020 |
07:14 |
Continues from previous update...
Britain and the European Union are still negotiating a trade agreement ahead of the Dec. 31 expiry of a post-Brexit transition period.
Saunders also said Britain's economy was unlikely to fall into a recession.
"It's not worth getting too worried about recession at the moment. We had a big recovery in Q3 and there will be a dip in Q4 - but we're only forecasting a contraction of around 2%," he said.
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