- European session review: GBP appreciates as investors shrug off shocking UK's Q2 GDP figures
Market news
13 August 2020
European session review: GBP appreciates as investors shrug off shocking UK's Q2 GDP figures
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | Germany | CPI, m/m | July | 0.6% | -0.5% | -0.5% |
| 06:00 | Germany | CPI, y/y | July | 0.9% | -0.1% | -0.1% |
| 08:00 | France | IEA Oil Market Report | ||||
| 12:30 | U.S. | Continuing Jobless Claims | August | 16090 | 15898 | 15486 |
| 12:30 | U.S. | Initial Jobless Claims | August | 1191 | 1120 | 963 |
| 12:30 | U.S. | Import Price Index | July | 1.4% | 0.6% | 0.7% |
GBP strengthened against its major counterparts in the European session on Thursday as investors shrugged off the shocking UK's Q2 GDP figures, which were released the day before and showed the British economy (-20.4% q/q) suffered the worst slump in Europe in the second quarter. The broad USD weakness and improved risk sentiment also underpinned the pound.
However, market participants remained cautious ahead of the next round of the UK-EU trade negotiations, set for 18-21 August. Britain's chief Brexit negotiator David Frost stated today that the UK wants a deal with at its core a free trade agreement like the one the EU has with Canada. He also suggested that the agreement with the EU can be reached in September.
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