The Pound attempting to claw higher versus the Euro at the start of the new week after falling sharply lower in the previous week. The Pound Euro exchange rate declined over 2.2% last week closing on Friday at €1.1193, just marginally above a 6-week low.

Whilst the EUR/GBP slipped on Sunday evening, at 06:30 UTC, GBP/EUR is trading +0.1% €1.1185, as sentiment shows signs of improving.

BRC Footfall Data Highlights Collapse In Shoppers

The Pound had fallen across the previous week against pretty much all the majors as investors attempted to price in the economic damage of the ongoing UK lockdown and as EU/UK Brexit trade talks were going nowhere fast.

Not only were UK GDP figures terrible showing a contraction of -5.8% month on month in March but Chancellor Rishi Sunak also warned that the UK was now likely in a significant recession.

Overnight data from the British retail Consortium (BRC) showed that he number of Britons visiting shops collapsed in April amid the lockdown measures. Footfall, which measures the number of people visiting shops, dropped by 84.7% compared to the same month last year.

The report comes after the BRC reported a 19.1% decline in total sales last month compared to the previous year, the biggest fall since the index started as people stayed at home to avoid contracting coronavirus.

Despite the poor data, the Pound is attempting to push higher as the investors acknowledge that the worst has passed. The number of coronavirus deaths increased by 170 on Sunday, the lowest number since March 24th and the UK is starting to slowly reopen its economy.

There is no high impacting UK data due for release today. Investors will look ahead to the release of labour market data tomorrow.

European Countries Ease Lockdown

The Euro is edging cautiously higher as countries across the region continue to ease lockdown measures. The reopening come despite the World Trade Organisation warning that infections numbers are bound to increase in the absence of a vaccine or a cure. Several nations fear further economic damage and are pounding ahead with reopening plans. Spain, for example, is seeing restaurants and cafes preparing to reopen with social distancing safety measures in place.

There is no high impacting Eurozone data today. Investors will look ahead to the ZEW German economic sentiment survey for further insight into how quickly any recovery likely to be. is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. ("We", "Us"), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.