{"id":100127,"date":"2020-05-15T03:02:46","date_gmt":"2020-05-15T07:02:46","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=100127"},"modified":"2020-05-15T03:50:46","modified_gmt":"2020-05-15T07:50:46","slug":"103215-gbp-usd-pound-slumps-for-5th-consecutive-session","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103215-gbp-usd-pound-slumps-for-5th-consecutive-session\/","title":{"rendered":"GBP\/USD: Pound Slumps For 5th Consecutive Session"},"content":{"rendered":"<ul>\n<li><strong>OBR forecasts budget deficit 15.2% of GDP and -35% GDP contraction Q2<\/strong><\/li>\n<li><strong>Trump threatens to cut ties with China<\/strong><\/li>\n<li><strong>US retail sales -12% mom in April<\/strong><\/li>\n<li><strong>At 07:30 UTC, GBP\/USD -0.25% at US$1.2196 &gt;&gt; <a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-to-usd-exchange-rate-today\/\">Real time exchange rates<\/a><\/strong><\/li>\n<\/ul>\n<p>The <a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-pound-sterling-live-exchange-rate\/\">Pound<\/a> is extending losses versus the US Dollar for a fifth straight session. The Pound US Dollar exchange rate settled on Thursday -0.02% at US$1.2228.<\/p>\n<p>At 07:30 GBP\/USD is trading -0.25% slipping through US$1.22 to a fresh 5 week low. The pair is on track to lose 1.5% across the week, its second consecutive week of losses.<\/p>\n<div class=\"su-button-center\"><a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-to-usd-exchange-rate-today\/\" class=\"su-button su-button-style-flat button-internalbutton\" style=\"color:#ffffff;background-color:#f92658;border-color:#c81f47;border-radius:5px\" target=\"_self\"><span style=\"color:#ffffff;padding:0px 22px;font-size:17px;line-height:34px;border-color:#fb688b;border-radius:5px;text-shadow:none\"> Check real time GBP to USD exchange rate<\/span><\/a><\/div>\n<p>The Pound is trading on the back foot following a report from the Office of Budget Responsibility which showed that the UK government borrowing was on course to reach \u00a3300 billion in 2020-21. This would put the budget deficit at 15.2% of GDP, the highest level since World War 2, as the government increases spending to keep the UK economy afloat during the coronavirus crisis.<\/p>\n<p>The OBR warned that the actual figure is likely to be higher as it doesn\u2019t include the extension of the government\u2019s job retention scheme. Earlier this week Chancellor Rishi Sunak announced that the furlough programme will be extended to October, although with some contribution from employers. The scheme has so far cost \u00a370 billion through to July.<\/p>\n<p>The OBR also warned that the UK economy would contract -35% in the second quarter, whilst unemployment is expected to rise to 10%. These forecasts come after data this week showed that the UK economy shrank -5.8% in March, compared to February.<\/p>\n<p>There is no high impacting data. Investors will continue to monitor coronavirus statistics whilst looking ahead to a full week of macro data releases next week.<\/p>\n<p>The <a href=\"https:\/\/currencylive.com\/exchange-rate\/usd-us-dollar-live-exchange-rate\/\">US Dollar<\/a> is advancing versus the Pound as investors focus their gaze on rising US \u2013 Chinese tensions. President Trump has threatened to sever relations with China in the latest escalation of geopolitical tensions, as Trump looks to blame China for the coronavirus outbreak in the US and across the globe.<\/p>\n<p>Looking ahead US retail sales and consumer confidence data could move the US Dollar. Analysts are expecting US retail sales to have slumped -12% month on month in April amid lockdown, down from -8.7% in March. April should be the bottom of the sales slump as the US economy starts to gradually reopen.<\/p>\n<p>The data comes after figures yesterday showed that 2.98 million more Americans signed up for initial jobless claims. 36 million Americans have filed for unemployment insurance over the past 2 months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OBR forecasts budget deficit 15.2% of GDP and -35% GDP contraction Q2 Trump threatens to cut ties with China US retail sales -12% mom in April At 07:30 UTC, GBP\/USD -0.25% at US$1.2196 &gt;&gt; Real time exchange rates The Pound is extending losses versus the US Dollar for a fifth straight session. The Pound US [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":100137,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1381],"tags":[2747,1394,1888,1409,2497,1430,1397,2762],"class_list":["post-100127","post","type-post","status-publish","format-standard","has-post-thumbnail","category-gbp","category-usd","tag-budget-deficit","tag-gbp","tag-gbp-usd","tag-gdp","tag-obr","tag-retail-sales","tag-us-dollar","tag-usd-pound"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/USD: Pound Slumps For 5th Consecutive Session - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/103215-gbp-usd-pound-slumps-for-5th-consecutive-session\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103215-gbp-usd-pound-slumps-for-5th-consecutive-session\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103215-gbp-usd-pound-slumps-for-5th-consecutive-session\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/USD: Pound Slumps For 5th Consecutive Session\",\"datePublished\":\"2020-05-15T07:02:46+00:00\",\"dateModified\":\"2020-05-15T07:50:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103215-gbp-usd-pound-slumps-for-5th-consecutive-session\\\/\"},\"wordCount\":451,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103215-gbp-usd-pound-slumps-for-5th-consecutive-session\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/05\\\/US-President-Donald-Trump.jpg\",\"keywords\":[\"Budget deficit\",\"gbp\",\"gbp\\\/usd\",\"gdp\",\"obr\",\"retail sales\",\"us dollar\",\"USD Pound\"],\"articleSection\":[\"GBP\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103215-gbp-usd-pound-slumps-for-5th-consecutive-session\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103215-gbp-usd-pound-slumps-for-5th-consecutive-session\\\/\",\"name\":\"GBP\\\/USD: Pound Slumps For 5th Consecutive Session - 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