{"id":117797,"date":"2024-05-24T11:35:47","date_gmt":"2024-05-24T10:35:47","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=117797"},"modified":"2024-05-30T15:42:31","modified_gmt":"2024-05-30T14:42:31","slug":"109094-gbp-eur-pound-falls-after-weak-retail-sales","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/109094-gbp-eur-pound-falls-after-weak-retail-sales\/","title":{"rendered":"GBP\/EUR: Pound falls after weak retail sales"},"content":{"rendered":"<ul>\n<li><strong>Pound (GBP) falls for a second day<\/strong><\/li>\n<li><strong>UK retail sales slumped 2.3% MoM<\/strong><\/li>\n<li><strong>Euro (EUR) rises on signs of economic recovery<\/strong><\/li>\n<li><strong>German GDP rose 0.2% QoQ in Q1<\/strong><\/li>\n<\/ul>\n<p>The Pound Euro (<a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-to-eur-exchange-rate-today\/\">GBP\/EUR<\/a>) exchange rate is falling for a second straight day. The pair fell -0.06% in the previous session, settling on Thursday at \u20ac1.1739 and trading in a range between \u20ac1.1705 and \u20ac1.1774. At 10:00 UTC, GBP\/EUR trades -0.04% at \u20ac1.1736. The pair is set to rise 0.49% across the week, its second straight weekly rise.<\/p>\n<p>The GBP is experiencing a decline due to concerns raised by the UK retail sales data. This data has cast doubts on the consumer&#8217;s economic health, thereby influencing the GBP\/EUR exchange rate.<\/p>\n<p>UK retail sales fell 2.3% month on month in April, down significantly from a 0.2% fall in March and well below the 0.4% decline expected<\/p>\n<p>The data points to household budgets remaining squeezed, with interest rates at a 16-year high despite inflation cooling to its lowest level since the summer of 2021. Inflation cooled to 2.3% year on year in April; however, this doesn&#8217;t seem to be offering much relief to consumers as spending particularly on discretionary items, remained weak<\/p>\n<p>The data comes after yesterday&#8217;s UK service sector PMI data was weaker than expected, at 52.9, down from 55 in April. However, service sector inflation also showed signs of easing, which will be a welcomed development for the Bank of England.<\/p>\n<p>The euro is rising amid signs of economic recovery in Germany. German GDP confirmed growth of 0.2% quarter on quarter in Q1, which is in line with the preliminary reading.<\/p>\n<p>The data comes after German PMI figures were stronger than expected in May. The composite PMI, which is considered a good gauge of business activity, rose to 52.3 from 50.6 in April. Meanwhile, the eurozone&#8217;s business activity also came in stronger than expected.<\/p>\n<p>The recovery in the eurozone and German economy is not expected to knock the ECB off course from cutting interest rates in the June meeting. However, data yesterday shows that negotiated wage growth was much stronger than expected at 4.7%, which may challenge the ECB&#8217;s ability to cut rates later in the year.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pound (GBP) falls for a second day UK retail sales slumped 2.3% MoM Euro (EUR) rises on signs of economic recovery German GDP rose 0.2% QoQ in Q1 The Pound Euro (GBP\/EUR) exchange rate is falling for a second straight day. The pair fell -0.06% in the previous session, settling on Thursday at \u20ac1.1739 and [&hellip;]<\/p>\n","protected":false},"author":163946598,"featured_media":4916,"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":["post-117797","post","type-post","status-publish","format-standard","has-post-thumbnail","category-eur","category-gbp","tag-eur","tag-eur-gbp","tag-gbp","tag-gbp-eur"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/EUR: Pound falls after weak retail sales - 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\/109094-gbp-eur-pound-falls-after-weak-retail-sales\/\" \/>\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\\\/109094-gbp-eur-pound-falls-after-weak-retail-sales\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109094-gbp-eur-pound-falls-after-weak-retail-sales\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/EUR: Pound falls after weak retail sales\",\"datePublished\":\"2024-05-24T10:35:47+00:00\",\"dateModified\":\"2024-05-30T14:42:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109094-gbp-eur-pound-falls-after-weak-retail-sales\\\/\"},\"wordCount\":358,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109094-gbp-eur-pound-falls-after-weak-retail-sales\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100663-gbp-eur-gross-domestic-product.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\\\/109094-gbp-eur-pound-falls-after-weak-retail-sales\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/109094-gbp-eur-pound-falls-after-weak-retail-sales\\\/\",\"name\":\"GBP\\\/EUR: Pound falls after weak retail sales - 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