{"id":115645,"date":"2024-01-19T16:01:55","date_gmt":"2024-01-19T16:01:55","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=115645"},"modified":"2024-01-22T08:31:20","modified_gmt":"2024-01-22T08:31:20","slug":"108022-gbp-eur-pound-falls-as-retail-sales-plunge","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/108022-gbp-eur-pound-falls-as-retail-sales-plunge\/","title":{"rendered":"GBP\/EUR: Pound falls as retail sales plunge"},"content":{"rendered":"<ul>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-pound-sterling-live-exchange-rate\/\">Pound<\/a> (GBP) slumps after two days of gains<\/strong><\/li>\n<li><strong>Retail sales drop 3.2% MoM<\/strong><\/li>\n<li><strong><a href=\"https:\/\/currencylive.com\/exchange-rate\/eur-euro-live-exchange-rate\/\">Euro<\/a> (EUR) rises despite falling German PPI<\/strong><\/li>\n<li><strong>ECB rate decision next week<\/strong><\/li>\n<\/ul>\n<p>The Pound Euro (GBP\/EUR) exchange rate is falling after two days of gains. The pair rose +0.30% in the previous session, settling on Wednesday at \u20ac1.1680 and trading in a range between \u20ac1.1637 &#8211; \u20ac1.1691. At 15:30 UTC, GBP\/EUR trades -0.26% at \u20ac1.1649.<\/p>\n<p>The pound is falling lower after retail sales slumped by the most since COVID-19 lockdowns.<\/p>\n<p>Retail sales slumped by 3.2% month on month in December after rising 1.4% in November as shoppers front-loaded their Christmas buying to take advantage of Black Friday and Cyber Monday sales.<\/p>\n<p>The data raises concerns over the outlook for the economy, which could tip into recession as households continue to struggle amid 15-year high interest rates and inflation, which is still twice the Bank of England&#8217;s target.<\/p>\n<p>Earlier in the week, data showed that UK inflation rose to 4% annually in December, up from 3.9% in November.<\/p>\n<p>Sticky inflation and weak economic data puts the Bank of England in a difficult spot with regard to its future plans for interest rates. The central bank remains concerned about inflation because it says it&#8217;s too early to consider cutting raises.<\/p>\n<p>Looking ahead, there&#8217;s no major data to be released on Monday. Next week, UK PMI data will be under the spotlight, particularly given the recent strength in service sector business activities.<\/p>\n<p>The euro is heading higher despite German wholesale inflation falling more than expected in December. PPI figures measure inflation as factory gate level slumped by 1.3% month on month after declining 0.5% in the previous month. Analysts had forecast a fall of 0.5%.<\/p>\n<p>Falling PPI bodes well for continuing easing in CPI data, which could encourage the ECB to cut interest rates sooner rather than later.<\/p>\n<p>However, the ECB has been giving relatively consistent messages that it&#8217;s too early to cut interest rates.<\/p>\n<p>ECB president Christine Lagarde had hinted earlier in the week to a possible summer interest rate hike. The December ECB meeting meetings showed no mention of rate cut; however, ECB members were concerned over the outlook for the economy.<\/p>\n<p>Looking ahead to next week, it&#8217;s the ECB central Bank rate decision meeting where the central bank is expected to leave interest rates on hold.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pound (GBP) slumps after two days of gains Retail sales drop 3.2% MoM Euro (EUR) rises despite falling German PPI ECB rate decision next week The Pound Euro (GBP\/EUR) exchange rate is falling after two days of gains. The pair rose +0.30% in the previous session, settling on Wednesday at \u20ac1.1680 and trading in a [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":4900,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1380,1379],"tags":[1395,2649,1394,2410],"class_list":{"0":"post-115645","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-eur","8":"category-gbp","9":"tag-eur","10":"tag-eur-gbp","11":"tag-gbp","12":"tag-gbp-eur"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/EUR: Pound falls as retail sales plunge - 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\/108022-gbp-eur-pound-falls-as-retail-sales-plunge\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\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\\\/108022-gbp-eur-pound-falls-as-retail-sales-plunge\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/108022-gbp-eur-pound-falls-as-retail-sales-plunge\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/EUR: Pound falls as retail sales plunge\",\"datePublished\":\"2024-01-19T16:01:55+00:00\",\"dateModified\":\"2024-01-22T08:31:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/108022-gbp-eur-pound-falls-as-retail-sales-plunge\\\/\"},\"wordCount\":386,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/108022-gbp-eur-pound-falls-as-retail-sales-plunge\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100654-gbp-usd-brexit-retail-sales.jpg\",\"keywords\":[\"eur\",\"eur\\\/gbp\",\"gbp\",\"gbp\\\/eur\"],\"articleSection\":[\"EUR\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/108022-gbp-eur-pound-falls-as-retail-sales-plunge\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/108022-gbp-eur-pound-falls-as-retail-sales-plunge\\\/\",\"name\":\"GBP\\\/EUR: Pound falls as retail sales plunge - 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