{"id":100178,"date":"2020-05-18T03:02:25","date_gmt":"2020-05-18T07:02:25","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=100178"},"modified":"2020-05-18T04:43:28","modified_gmt":"2020-05-18T08:43:28","slug":"103224-gbp-usd-pound-struggles-to-recapture-1-21","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103224-gbp-usd-pound-struggles-to-recapture-1-21\/","title":{"rendered":"GBP\/USD: Pound Struggles To Recapture $1.21"},"content":{"rendered":"

The Pound<\/a> is edging lower versus the US Dollar at the start of the new week, extending losses from the previous week. The Pound US Dollar exchange rate dropped -2.4% last week to settle at US$1.2106.<\/p>\n

At 06:30 UTC, GBP\/USD<\/a> is trading -0.1%, slipping through US$1.21 to US$1.2096. The pair has picked up from a 2-month low of US$1.2076 struck overnight.<\/p>\n

Check real time GBP to USD exchange rate<\/span><\/a><\/div>\n

BRC Data Confirms Collapse in Demand<\/h2>\n

The Pound lost ground overnight following the release of data from the British Retail Consortium which showed that the number of Britons visiting shops collapsed in April, as people stayed at home to prevent the spread of coronavirus.<\/p>\n

Footfall, which measures the number of people visiting stores, fall by 84.7% in April. This data come following figures from the BRC which showed that retail sales slumped -19.1% last month compared to April last year. This was the biggest fall recorded since records began in 1995.<\/p>\n

Backward looking data is horrendous, depicting the destructive impact that the covid-19 lockdown had on the economy. However, there is a growing sense that the worst has passed. The number of UK coronavirus deaths increased by 170 on Sunday the lowest number since 24th<\/sup> March. Meanwhile the economy is very gradually reopening.<\/p>\n

Last week data revealed that the British economy contracted -5.8% month on month in March. Chancellor Rishi Sunak also warned that we were already in a significant recession.<\/p>\n

Dollar Struggles After Jerome Powell\u2019s Warning<\/h2>\n

The US Dollar is trading marginally higher versus the Pound albeit lower versus other peers following a warning from Federal Reserve Chair Jerome Powell of a drawn-out recovery. Jerome Powell warned that the US economy would contract by 30% in the second quarter. He also said that it could take until the end of next year for a recovery in the market.<\/p>\n

His comments came after US retail sales slumped -16% in April, however consumer confidence bounced in May.<\/p>\n

US \u2013 Chinese relations continue to deteriorate raising concerns over the trade picture for the two powers. US Trade Advisor Perter Navarro continued in Trump\u2019s footsteps pinning the blame for coronavirus on China. Investors will continue monitoring the developing situation between the two powers.<\/p>\n

There is no high impacting US data due for else today. Tomorrow sees the release of US housing starts data, whilst later in the PMI stats will grab attention as investors attempt to gauge progress in the recovery.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Pound is edging lower versus the US Dollar at the start of the new week, extending losses from the previous week. The Pound US Dollar exchange rate dropped -2.4% last week to settle at US$1.2106. At 06:30 UTC, GBP\/USD is trading -0.1%, slipping through US$1.21 to US$1.2096. The pair has picked up from a […]<\/p>\n","protected":false},"author":163946597,"featured_media":5527,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1381],"tags":[2339,1966,1438,1394,1391,1441,1398],"class_list":{"0":"post-100178","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-usd","9":"tag-brc","10":"tag-dollar","11":"tag-federal-reserve","12":"tag-gbp","13":"tag-pound","14":"tag-powell","15":"tag-usd"},"acf":[],"yoast_head":"\nGBP\/USD: Pound Struggles To Recapture $1.21 - 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\/103224-gbp-usd-pound-struggles-to-recapture-1-21\/\" \/>\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\\\/103224-gbp-usd-pound-struggles-to-recapture-1-21\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103224-gbp-usd-pound-struggles-to-recapture-1-21\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/USD: Pound Struggles To Recapture $1.21\",\"datePublished\":\"2020-05-18T07:02:25+00:00\",\"dateModified\":\"2020-05-18T08:43:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103224-gbp-usd-pound-struggles-to-recapture-1-21\\\/\"},\"wordCount\":432,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103224-gbp-usd-pound-struggles-to-recapture-1-21\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100603-gbp-usd-dollar-dips-fed-cut-fears.jpg\",\"keywords\":[\"BRC\",\"dollar\",\"federal reserve\",\"gbp\",\"pound\",\"powell\",\"usd\"],\"articleSection\":[\"GBP\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103224-gbp-usd-pound-struggles-to-recapture-1-21\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103224-gbp-usd-pound-struggles-to-recapture-1-21\\\/\",\"name\":\"GBP\\\/USD: Pound Struggles To Recapture $1.21 - 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