UK’s Barclay: Economic recovery is fragile

Despite the signs of life, the UK economic recovery remains fragile amid the ongoing coronavirus crisis, said the Deputy Finance Minister Stephen Barclay in an interview with Sky News.

Barclay said: “After what was a very severe contraction in the economy, we had seen over recent months some recovery, but obviously that recovery is fragile.”

His comments come after the UK Finance Minister Rishi Sunak announced new support for jobs.

Market reaction

The above comments have little to no impact on the pound, as GBP/USD challenges daily highs near 1.2800 amid renewed Brexit optimism.

An EU official reportedly said that the tide may be turning despite no big breakthroughs, per Politico. The spot was last seen trading at 1.2787, up 0.28% on a daily basis.