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24/04/20 – This Morning’s Exchange Rates

  • Posted by currencies in Rate Alerts
  • April 24, 2020
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Please find the exchange rates listed at the bottom of the article, the rates are for indication purposes only, for a live quote please contact us.

Sterling slipped against the dollar after data showed the biggest drop in British retail sales on record, adding to fears about the economic impact of the coronavirus pandemic.

Official figures showed sales volumes fell by 5.1% in March, reflecting the hit from the coronavirus shutdown which closed many businesses in the second half of the month.

The fall, which was bigger than a median forecast for a drop of 4.0% in a poll of economists, came despite a surge in shopping for food.

A separate survey by polling firm GfK showed British consumer confidence held at its lowest since 2009 this month after tumbling in late March.

As Britain’s lockdown measures limit people’s ability to live, work and spend money as normal, economists expect the country to see its worst economic contraction in more than 300 years.

COVID-19 as a crisis has proved to be longer than expected, and investors are looking for some indication of what the UK government’s exit plan will look like.

Against a broadly weaker euro, sterling gained 0.1% to trade at 87.16 pence. The euro weakened as specifics on the size and structure of the funding for an emergency fund for the euro zone remained scant.

GBP/EUR 1.1438 GBP/USD 1.2298 GBP/AED 4.5114

GBP/AUD 1.9361 GBP/CHF 1.2027 GBP/CAD 1.7356

GBP/NZD 2.0456 EUR/USD 1.0744 GBP/ZAR 23.287

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