{"id":99337,"date":"2020-04-24T03:13:22","date_gmt":"2020-04-24T07:13:22","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=99337"},"modified":"2020-04-24T04:14:26","modified_gmt":"2020-04-24T08:14:26","slug":"103132-gbp-usd-pound-slumps-as-retail-sales-fall-by-most-on-record","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103132-gbp-usd-pound-slumps-as-retail-sales-fall-by-most-on-record\/","title":{"rendered":"GBP\/USD: Pound Slumps As Retail Sales Fall By Most On Record"},"content":{"rendered":"

Weak retail sales data and risk aversion are dragging on the GBP to USD<\/a> exchange rate on Friday. At 07:30 UTC, GBP USD is trading -0.1% lower at US$1.2334. This is towards the lower end of the daily traded range of US$1.2322- US$1.2361.<\/p>\n

The Pound is on track to lose 1.3% versus the US dollar across the week, after gaining for the past two weeks.<\/p>\n

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

GBP\/USD: Retail sales Dive -5.1%<\/h2>\n

Whilst the pound proved to be immune to eye watering data in the previous session that is not the case today. The pound is trading on the back foot following the release of UK retail sales data. According to the Office of National Statistics, retail sales dived by the most on record, slumping -5.1% month on month in March, this was down from a 0.5% increase in February and well short of the 4% decline forecast. On an annual basis retail sales slumped 5.8%, significantly worse than the -4.7% decline analysts pencilled in. Sales volumes dived as stores shut their doors for the coronavirus lock down.<\/p>\n

Consumer confidence data was also dragging on demand for the pound. GFK data revealed that consumer confidence in the UK declined to the worst level since the 2009 financial crisis as the UK remained in lock down and bracing itself for the worst recession since World War 2. Consumer confidence slumped to -34 in April, down from -9.<\/p>\n

There is no more UK economic data due to be released, investors will continue monitoring coronavirus statistics and any updates from the government regarding the lock down exit strategy.<\/p>\n

Safe Haven Dollar Advances As Vaccine Hopes Dashed<\/h2>\n

The US Dollar is edging higher as risk aversion returns to the market after a potential antiviral drug for coronavirus has failed in its first clinical trial. There had been widespread hope that remdesivir could treat covid-19. However, Chinese clinical trials have dashed these hopes hitting risk sentiment on Friday and boosting demand for the safe haven US Dollar.<\/p>\n

Looking ahead US durable goods data and consumer confidence figures will be in focus. Both are expected to show the devastating impact that covid-19 is having on the US economy.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Weak retail sales data and risk aversion are dragging on the GBP to USD exchange rate on Friday. At 07:30 UTC, GBP USD is trading -0.1% lower at US$1.2334. This is towards the lower end of the daily traded range of US$1.2322- US$1.2361. The Pound is on track to lose 1.3% versus the US dollar […]<\/p>\n","protected":false},"author":163946597,"featured_media":4255,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379,1381],"tags":[1435,1394,1888,1391,1430,1397,1398,2695],"class_list":{"0":"post-99337","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"category-usd","9":"tag-consumer-confidence","10":"tag-gbp","11":"tag-gbp-usd","12":"tag-pound","13":"tag-retail-sales","14":"tag-us-dollar","15":"tag-usd","16":"tag-vaccine"},"acf":[],"yoast_head":"\nGBP\/USD: Pound Slumps As Retail Sales Fall By Most On Record - 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\/103132-gbp-usd-pound-slumps-as-retail-sales-fall-by-most-on-record\/\" \/>\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\\\/103132-gbp-usd-pound-slumps-as-retail-sales-fall-by-most-on-record\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103132-gbp-usd-pound-slumps-as-retail-sales-fall-by-most-on-record\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"GBP\\\/USD: Pound Slumps As Retail Sales Fall By Most On Record\",\"datePublished\":\"2020-04-24T07:13:22+00:00\",\"dateModified\":\"2020-04-24T08:14:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103132-gbp-usd-pound-slumps-as-retail-sales-fall-by-most-on-record\\\/\"},\"wordCount\":398,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103132-gbp-usd-pound-slumps-as-retail-sales-fall-by-most-on-record\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100315-gbp-eur-uk-retail-sales.jpg\",\"keywords\":[\"consumer confidence\",\"gbp\",\"gbp\\\/usd\",\"pound\",\"retail sales\",\"us dollar\",\"usd\",\"vaccine\"],\"articleSection\":[\"GBP\",\"USD\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103132-gbp-usd-pound-slumps-as-retail-sales-fall-by-most-on-record\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103132-gbp-usd-pound-slumps-as-retail-sales-fall-by-most-on-record\\\/\",\"name\":\"GBP\\\/USD: Pound Slumps As Retail Sales Fall By Most On Record - 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