{"id":101556,"date":"2020-06-30T03:00:09","date_gmt":"2020-06-30T07:00:09","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=101556"},"modified":"2020-06-30T03:53:13","modified_gmt":"2020-06-30T07:53:13","slug":"103511-gbp-usd-pound-drops-after-covid-hit-uk-economy-was-worse-than-expected","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103511-gbp-usd-pound-drops-after-covid-hit-uk-economy-was-worse-than-expected\/","title":{"rendered":"GBP\/USD: Pound Drops After Covid Hit UK Economy Was Worse Than Expected"},"content":{"rendered":"<ul>\n<li><strong><a href=\"https:\/\/currencylive.com\/news\/currency\/gbp\/\">Pound (GBP)<\/a> slips after GDP downgrade and after UK insists an outline Brexit deal is ready by the end of July,<\/strong><\/li>\n<li><strong>Boris Johnson\u2019s infrastructure spend speech in focus to help boost the UK economy<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/news\/currency\/usd\/\">US Dollar<\/a> investors look to Federal Powell\u2019s speech after pending home sales smashed expectations<\/strong><\/li>\n<li><strong>Pound US Dollar exchange rate (GBP\/USD) trades -0.2% at US$1.2269<\/strong><\/li>\n<\/ul>\n<p>After dropping to the lowest level since May 28<sup>th<\/sup> on Monday at US$1.2251, the Pound is struggling to make a meaningful move higher today.<\/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 under pressure after GDP data showed that the UK economy contracted -2.2% quarter on quarter in the first three months of the year. This is worse than the -2% contraction originally forecast and doesn\u2019t bode well for the second quarter which will see a significantly worse contraction given that lockdown predominantly occurred in April and May.<\/p>\n<p>Face to face Brexit negotiations between UK Brexit Secretary David Frost and his EU counterpart Michel Barnier started on Monday and will continue across the week. In the first day of talks the British government made it clear that it wanted an outline deal by 31<sup>st<\/sup> July. The EU didn\u2019t welcome the idea but haven\u2019t declined it either.<\/p>\n<p>Coronavirus concerns are adding to the Pound\u2019s woes, as Leicester becomes the first city to be placed back into lockdown as coronavirus numbers there spiral out of control.<\/p>\n<p>Looking ahead Pound investors are awaiting further details from Boris Johnson on his fiscal stimulus plan. The Prime Minister intends to spend heavily on infrastructure projects to bounce the UK economy forward after the coronavirus crisis.<\/p>\n<p>The safe haven US Dollar was trading broadly lower versus its peers after pending home sales data spurred fresh optimism on the US economy as the housing market showed signs of a quick recovery in May following a plunge in April caused by the pandemic. Home sales jumped +44.3% compared to analysts\u2019 expectations of an 18.9% increase.<\/p>\n<p>Adding to the risk on climate, China reported better than forecast PMI data as the economic recovery in the world\u2019s second largest economy continues to gain traction.<\/p>\n<p>These data points are overshadowing news that Beijing passed the Hong Kong security law, drawing criticism from both the US and Japan.<\/p>\n<p>Looking ahead a speech by Federal Reserve Chairman Jerome Powell will be in focus, along with consumer confidence data later today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pound (GBP) slips after GDP downgrade and after UK insists an outline Brexit deal is ready by the end of July, Boris Johnson\u2019s infrastructure spend speech in focus to help boost the UK economy US Dollar investors look to Federal Powell\u2019s speech after pending home sales smashed expectations Pound US Dollar exchange rate (GBP\/USD) trades [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":4916,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1381],"tags":[1386,1394,1409,2924,2923,1391,1397,1398],"class_list":["post-101556","post","type-post","status-publish","format-standard","has-post-thumbnail","category-gbp","category-usd","tag-brexit","tag-gbp","tag-gdp","tag-jerome-piowell","tag-pending-homes-sales","tag-pound","tag-us-dollar","tag-usd"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - 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