UK finance minister speaking to small business loan program

UK finance minister Sunak is on the wires saying:

  • We should be in a no doubt about seriousness of economic situation
  • Over 4 million jobs have been furloughed
  • Over 20,000 coronavirus business interruption loans have now been approved
  • Today we are announcing a new micro loan scheme for small businesses
  • Businesses can borrow up to 25% of turnover up to 50,000 pounds
  • Loans will not be tested against business future viability
  • Government will guarantee hundred percent of small business loan
  • Government will pay interest on small business loans for 1st 12 months
  • Prime minister and I shared sense of urgency to reopen economy, but must be done safely

The GBPUSD has moved up to test its 50% retracement of the move down from the April 14 high, but as found sellers against that area at 1.24466. The price is now back down testing its 200 hour moving average at 1.24069 and broken 38.2% retracement 1.23994. The low just reached 1.24032. A move below the 1.2400 level with momentum should solicit more selling.

UK finance minister speaking to small business loan program_