The euro is up this morning against the pound after a speech yesterday by Boris Johnson said that the UK would return to WTO rules if not offered a ‘Canada-style’ agreement. Michel Barnier had previously said that the UK would only get a ‘highly ambitious’ trade deal if it agrees to close alignment with the bloc.
Meanwhile, the ECB’s Luis de Guindos said in Athens yesterday that there are ‘signs of [economic] stabilisation on a global level’, although the coronavirus epidemic has caused further uncertainty.
There were also positive economic indicators yesterday, with manufacturing PMI coming in better than expected for France, Germany, Italy and the Eurozone as a whole. Only Spain saw a small drop.
