DAILY MARKET NEWS: Retail Sales Slow the Pound Down While Dollar Struggles
At the end of Friday, the Foreign Exchange rate highlighted that the pound had to tussle with a lack of support. This came after it became apparent that UK retail sales had hit a record low during March. However, the currency also lacked appeal after it was noted that Brexit negotiations had not moved as quickly as the EU’s Chief Brexit Negotiator had hoped. The currency finished the day at 1.1423 against the Euro and 1.2365 against the dollar.
Things were different for the Euro as it moved higher on Friday as it moved from a one-month low after the Dollar took a step back. Confidence in the German economy and international payments did hold any potential gains back as surveys suggested that morale was at an all-time low. However, this coming week could be a challenge for the single currency as the latest GDP figures for the Eurozone are going to be released and are likely to indicate a shrink in growth.
The US Dollar had to show some fight as the week came to an end after investors had to deal with the concerns that came with a drop in orders of durable goods. The biggest decline for five years was seen and this was also met with a decline in consumer confidence, reducing demand for the US Dollar.