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European session review: GBP weakens amid renewed recession fears

TimeCountryEventPeriodPrevious valueForecastActual
07:30SwitzerlandManufacturing PMIJune6057.959.1
07:50FranceManufacturing PMIJune54.65151.4
07:55GermanyManufacturing PMIJune54.85252
08:00EurozoneManufacturing PMIJune54.65252.1
08:30United KingdomNet Lending to Individuals, blnMay5.5 8.3
08:30United KingdomMortgage ApprovalsMay66.0646466.163
08:30United KingdomConsumer credit, mlnMay1.3771.30.844
08:30United KingdomPurchasing Manager Index Manufacturing June54.653.452.8
09:00EurozoneHarmonized CPIJune0.8% 0.8%
09:00EurozoneHarmonized CPI ex EFAT, Y/YJune3.8%3.9%3.7%
09:00EurozoneHarmonized CPI, Y/YJune8.1%8.4%8.6%

GBP fell against most of its rivals in the European session on Friday, as risk-sensitive currencies came under pressure amid renewed recession fears.

Market participants continue to worry that the British economy is facing demand destruction, while expectations for further aggressive interest rate increases by the Bank of England (BoE) are easing.

Also, the issues with the Northern Ireland protocol continue to weigh on GBP, as the UK’s parliament is preparing to hold another discussion of the legislation allowing Britain to unilaterally amend some of the rules on post-Brexit trade with Northern Ireland on July 13.

See also