EUR GBP Continues to Rally from 2021 Lows

The EUR GBP exchange rate was trading higher for a third-consecutive day as the pair tries to mount a recovery from the yearly lows. GDP figures matched expectations last week but missed the BoE target by two tenths of a percent. That is seeing some profit taking on the pound sterling and rising virus cases added to that.

The EUR to GBP rate is trading at 0.8510 and tomorrow will see the release of EU GDP for the second quarter, alongside the latest UK employment data.

EU panics as bloc investigates side-effects to Pfizer and Moderna jabs

The EU’s vaccine rollout has been thrown into question once again as the bloc announced an investigation into the Pfizer and Moderna jabs.

The bloc’s medical regulator will now investigate both jabs amid reports of side-effects in both shots. According to the EMA, skin reactions, kidney inflammation; and renal disorder were noted in association with the jabs. The bloc has refused to reveal the number of people who have suffered these side effects in its recent report.

The issue could be another setback for the bloc as it approached a 70% vaccination rate and was catching up to the UK and US. As of July 29th, the EU reported more than 244,000 cases of suspected side-effects with the vaccine. Of that number, 4,198 died and there were over 48,000 cases of suspected side effects of the Moderna vaccine.

The UK is still leading the way with the reopening of the economy but some are expecting cases to continue their rise as the summer ends and autumn temperatures drop, alongside the return of UK schools.

UK offshore oil and gas employment dropped last year

UK offshore oil and gas employment figures dropped last year, according to a new report from industry body Oil & Gas UK.

Direct, indirect and induced jobs fell to an estimated 178,500 in 2020 from 260,800 in 2019, the report revealed.

“As in other industries, the pandemic has had a significant impact on the oil and gas sector, with companies taking swift action to protect their people and operations from the impact of the pandemic and commodity prices falling as a result of economic shutdowns,” OGUK noted in its latest report.

The oil & gas industry is likely to see this trend continue as the economy transitions to a renewables-focus. Tuesday brings the latest UK employment numbers with 25k jobs expected to be added in the latest figures. Analysts are still aware of the furlough issue with many still trapped on subsidy over a year later.

The EUR v GBP traded to the April yearly lows but is now rallying and trying to secure a bottom in price. A stronger GDP figure in the economy on Tuesday would go a long way to helping the euro find some buyers.

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