The Swiss Franc is heading higher versus the Pound on Friday, snapping a two-day loosing streak. The Swiss Franc settled the previous session 0.4% weaker at 1.2090, its worst close since mid-March.<\/p>\n
At 11:45 UTC, GBP\/CHF is trading -0.36% lower at 1.2045. This is mid-way between its daily trading range of 1.2022 \u2013 1.2078 as investors digest a record drop in UK retail sales and disappointment surrounding the latest coronavirus treatment drug.<\/p>\n
The Pound is under pressure across the board as UK retail sales plunged by the most on record as shops shut their doors from 23rd<\/sup> March. Data from the Office of National Statistics revealed that retail sales dropped 5.1% month on month in March. Whilst sales at food stores rose 10.4%, the strongest jump on record, fuel sales fell 19% and clothing sales dived 35%.<\/p>\n The lock down only kicked in towards the end of March. Therefore, retail spending in April is expected to be significantly worse. A decline in the region of 20 -30% isn\u2019t inconceivable according to some analysts.<\/p>\n The weak retail sales data came following consumer confidence figures earlier in the session. The data from research institute GFK revealed that consumer confidence was at the lowest level since the financial crisis.<\/p>\n There is no more UK data due today. Investors will continue monitoring coronavirus statistics and searching for clues over the UK’s lock down exit strategy.<\/p>\n The safe haven Swiss Franc is heading higher on Friday amid deteriorating risk sentiment in the broader financial markets. Investors are shunning riskier assets on Friday, in search of safer havens after hopes were dashed of a coronavirus vaccine. Gilead\u2019s antiviral drug Remdesivir flopped in the first round of clinical trials according to papers accidentally published by the World Health Organisation. Investors and scientists had had high hopes for the drug.<\/p>\n Switzerland is preparing to ease its coronavirus lockdown in a three-phase plan starting this Monday. The gradual reopening of the Swiss economy is underpinning the Franc on Friday. The first phase will include the reopening of some non-essential activities such as hair salons, florists, gardening and DIY stores. Phase two, which is set to begin May 11th<\/sup> will see schools reopen along with all stores and markets. Finally, phase three, set to start June 8th<\/sup> should see the reopening of Universities and entertainment and cultural facilities.<\/p>\n","protected":false},"excerpt":{"rendered":" The Swiss Franc is heading higher versus the Pound on Friday, snapping a two-day loosing streak. The Swiss Franc settled the previous session 0.4% weaker at 1.2090, its worst close since mid-March. At 11:45 UTC, GBP\/CHF is trading -0.36% lower at 1.2045. This is mid-way between its daily trading range of 1.2022 \u2013 1.2078 as […]<\/p>\n","protected":false},"author":163946597,"featured_media":97219,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2469,1381],"tags":[2465,2139,1394,1391,1430,2489,2695],"class_list":{"0":"post-99368","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-chf","8":"category-usd","9":"tag-chf","10":"tag-coronavirus","11":"tag-gbp","12":"tag-pound","13":"tag-retail-sales","14":"tag-swiss-franc","15":"tag-vaccine"},"acf":[],"yoast_head":"\nSwiss Franc Advances Ahead of Reopening<\/h2>\n