- European session review: GBP depreciates as investors remain cautious on virus rise and ahead of BoE meeting
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European session review: GBP depreciates as investors remain cautious on virus rise and ahead of BoE meeting
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 09:00 | Eurozone | Producer Price Index (YoY) | June | -5% | -3.9% | -3.7% |
| 09:00 | Eurozone | Producer Price Index, MoM | June | -0.6% | 0.5% | 0.7% |
GBP retreated against its major counterparts in the European session on Tuesday as investors continued to track a pick-up in global Covid-19 infections and awaited the outcomes of the Bank of England’s (BoE) policy meeting later this week.
Last week, the UK's PM Boris Johnson said that the next stage of lockdown easing would be postponed for at least two weeks due to a pick-up in COVID-19 infection rates. According to Johns Hopkins University, the UK has 307 252 cases of COVID-19, the 11th highest in the world. Overall, the total number of confirmed global coronavirus cases rose to 18,316,072.
The Bank of England (BoE) will announce its latest interest rate decision and rate statement on Thursday. It is expected that the British central bank will leave its policy rate and quantitative easing program unchanged.
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