{"id":347864,"date":"2024-07-19T17:49:16","date_gmt":"2024-07-19T12:19:16","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=347864"},"modified":"2024-07-19T17:49:16","modified_gmt":"2024-07-19T12:19:16","slug":"pound-sterling-hits-hard-by-sharp-contraction-in-uk-retail-sales-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/pound-sterling-hits-hard-by-sharp-contraction-in-uk-retail-sales-crypto-news\/","title":{"rendered":"Pound Sterling hits hard by sharp contraction in UK Retail Sales &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<ul>\n<li><strong>The Pound Sterling further corrects against the US Dollar after the release of weaker-than-expected UK Retail Sales data for June.<\/strong><\/li>\n<li><strong>Doubts over the BoE to begin reducing interest rates in August remain\u00a0afloat.<\/strong><\/li>\n<li><b>The uncertainty over the US Presidential elections improves the safe-haven appeal of the US Dollar.<\/b><\/li>\n<\/ul>\n<p>The <a rel=\"nofollow noopener\" target=\"_blank\" data-fxs-autoanchor=\"\" href=\"https:\/\/www.fxstreet.com\/currencies\/gbpusd\">Pound Sterling<\/a> (GBP) extends its correction against the majority of its peers in Friday\u2019s New York\u00a0session. The British currency slides further as the United Kingdom (UK) Office for National Statistics (ONS) has reported weaker-than-expected <a rel=\"nofollow noopener\" target=\"_blank\" data-fxs-autoanchor=\"\" href=\"https:\/\/www.fxstreet.com\/economic-calendar\">Retail Sales<\/a> data for June.<\/p>\n<p>The report showed that monthly Retail Sales contracted at a faster pace of 1.2%. Economists estimated a decline of 0.4% against 2.9% growth in May. Annually, receipts at retail stores dipped by 0.2%, which were expected to have grown at a similar pace. Every retailer saw a sharp decline in sales receipts\u00a0except those who offers automotive fuel.<\/p>\n<p>Retail Sales data is a key measure of consumer spending, and a sharp decline in the same suggests that households struggle to bear the burden of higher interest <a rel=\"nofollow noopener\" target=\"_blank\" data-fxs-autoanchor=\"\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/rates\">rates<\/a> by the <a rel=\"nofollow noopener\" target=\"_blank\" data-fxs-autoanchor=\"\" href=\"https:\/\/www.fxstreet.com\/macroeconomics\/central-banks\/boe\">Bank of England<\/a> (BoE). However, individuals may not find any relief from higher interest obligations amid uncertainty over BoE rate cuts in August.<\/p>\n<p>BoE officials hesitate to favor a move towards policy normalization due to the sticky US core Consumer Price Index (CPI) amid stubborn inflation in the service sector.<\/p>\n<p>Meanwhile, the expected deceleration in Average Earnings data for the three months ending in May, a key measure of wage growth that prompts service inflation, fails to lift expectations for BoE rate cuts in August as the current pace is still higher than what it is needed to be consistent for taming price pressures.<\/p>\n<h2 class=\"fxs_headline_medium\">Daily digest market movers: Pound Sterling declines\u00a0on mutes risk appetite<\/h2>\n<ul>\n<li>The Pound Sterling weakens to near 1.2930 against the US Dollar (USD) as the latter rebounds strongly after printing a fresh almost four-month low. The US Dollar Index (DXY), which tracks the Greenback\u2019s value against six major currencies, bounces back from 103.65 and extends recovery to nearly 104.30.<\/li>\n<li>The safe-haven appeal for the US Dollar improves amid growing speculation that United States (US) President Joe Biden could drop his re-election bid. This has prompted upside risks to political uncertainty.<\/li>\n<li>However, the recovery move in the US Dollar is less likely to last long as traders see the Federal Reserve (Fed) reducing interest rates in September as a done deal. Investors expect the Fed to cut borrowing costs twice this year\u00a0instead of once, as signaled by policymakers in the latest dot plot.<\/li>\n<li>In Friday\u2019s session, New York Fed Bank President John Williams and Atlanta Fed Bank President Raphael Bostic are lined up for speeches. Investors will focus on cues about when the Fed will start cutting interest rates.<\/li>\n<li>Meanwhile,\u00a0Fed officials&#8217;\u00a0confidence that inflation has returned to the path of 2% has improved due to slower-than-expected growth in the US inflation and easing labor market conditions. Recent CPI readings from June\u00a0showed that annual headline and core inflation decelerated faster than expected, and monthly headline inflation declined for the first time in more than four years.<\/li>\n<\/ul>\n<h2 class=\"fxs_headline_medium\">Pound Sterling Price Today:<\/h2>\n<div class=\"module_currencyprices_cke post-module\">\n<div class=\"fxs-major-currency-prices-wrapper\" data-config-asset=\"GBP\" data-config-criteria=\"Strongest\" data-config-currencies=\"GBP,EUR,USD,JPY,CAD,AUD,NZD,CHF\" data-config-period=\"Today\" data-config-quotes=\"0.84183:0.84177,0.7725:0.773635,0.91775:0.91907,0.004909:0.004908,0.005832:0.005844,0.006355:0.006358,0.5635:0.564055,0.6694:0.670095,0.72965:0.729095,114.81:114.6675,0.51809:0.517915,0.6154:0.615265,0.6706:0.66945,105.537:105.285,0.91907:0.91815,0.46701:0.46629,0.5547:0.553945,0.6044:0.602725,95.124:94.793,0.828495:0.826671,0.90139:0.900355,0.8703:0.87045,1.033859:1.034073,1.126544:1.125118,177.291:176.947,1.54398:1.54317,1.679827:1.680729,1.863585:1.866725\" data-config-topic=\"GBP\" data-content-module-translate=\"0\" data-module=\"currencyprices\" data-type=\"currencyprices\" data-version=\"v1\" id=\"content-module-currencyprices-GBP-526\">\n<h2 class=\"fxs-major-currency-prices-title\">British Pound PRICE Today<\/h2>\n<p class=\"fxs-major-currency-prices-content\">The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the New Zealand Dollar.<\/p>\n<table border=\"1\" class=\"fxs-major-currency-prices-currency-prices-table\">\n<thead>\n<tr>\n<th>\u00a0<\/th>\n<th>GBP<\/th>\n<th>EUR<\/th>\n<th>USD<\/th>\n<th>JPY<\/th>\n<th>CAD<\/th>\n<th>AUD<\/th>\n<th>NZD<\/th>\n<th>CHF<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr class=\"fxs-major-currency-prices-currency-price\">\n<th>GBP<\/th>\n<td>\u00a0<\/td>\n<td class=\"gray\">0.00%<\/td>\n<td class=\"light-red\">-0.15%<\/td>\n<td class=\"light-green\">0.02%<\/td>\n<td class=\"light-red\">-0.10%<\/td>\n<td class=\"light-green\">0.03%<\/td>\n<td class=\"light-green\">0.15%<\/td>\n<td class=\"light-red\">-0.02%<\/td>\n<\/tr>\n<tr class=\"fxs-major-currency-prices-currency-price\">\n<th>EUR<\/th>\n<td class=\"light-red\">-0.01%<\/td>\n<td>\u00a0<\/td>\n<td class=\"light-red\">-0.14%<\/td>\n<td class=\"light-red\">-0.21%<\/td>\n<td class=\"light-red\">-0.10%<\/td>\n<td class=\"light-green\">0.02%<\/td>\n<td class=\"light-green\">0.14%<\/td>\n<td class=\"light-red\">-0.02%<\/td>\n<\/tr>\n<tr class=\"fxs-major-currency-prices-currency-price\">\n<th>USD<\/th>\n<td class=\"light-green\">0.15%<\/td>\n<td class=\"light-green\">0.14%<\/td>\n<td>\u00a0<\/td>\n<td class=\"light-red\">-0.05%<\/td>\n<td class=\"light-green\">0.08%<\/td>\n<td class=\"light-green\">0.17%<\/td>\n<td class=\"light-green\">0.28%<\/td>\n<td class=\"light-green\">0.13%<\/td>\n<\/tr>\n<tr class=\"fxs-major-currency-prices-currency-price\">\n<th>JPY<\/th>\n<td class=\"light-red\">-0.02%<\/td>\n<td class=\"light-green\">0.21%<\/td>\n<td class=\"light-green\">0.05%<\/td>\n<td>\u00a0<\/td>\n<td class=\"light-green\">0.12%<\/td>\n<td class=\"light-green\">0.24%<\/td>\n<td class=\"light-green\">0.35%<\/td>\n<td class=\"light-green\">0.19%<\/td>\n<\/tr>\n<tr class=\"fxs-major-currency-prices-currency-price\">\n<th>CAD<\/th>\n<td class=\"light-green\">0.10%<\/td>\n<td class=\"light-green\">0.10%<\/td>\n<td class=\"light-red\">-0.08%<\/td>\n<td class=\"light-red\">-0.12%<\/td>\n<td>\u00a0<\/td>\n<td class=\"light-green\">0.10%<\/td>\n<td class=\"light-green\">0.22%<\/td>\n<td class=\"light-green\">0.05%<\/td>\n<\/tr>\n<tr class=\"fxs-major-currency-prices-currency-price\">\n<th>AUD<\/th>\n<td class=\"light-red\">-0.03%<\/td>\n<td class=\"light-red\">-0.02%<\/td>\n<td class=\"light-red\">-0.17%<\/td>\n<td class=\"light-red\">-0.24%<\/td>\n<td class=\"light-red\">-0.10%<\/td>\n<td>\u00a0<\/td>\n<td class=\"light-green\">0.11%<\/td>\n<td class=\"light-red\">-0.05%<\/td>\n<\/tr>\n<tr class=\"fxs-major-currency-prices-currency-price\">\n<th>NZD<\/th>\n<td class=\"light-red\">-0.15%<\/td>\n<td class=\"light-red\">-0.14%<\/td>\n<td class=\"light-red\">-0.28%<\/td>\n<td class=\"light-red\">-0.35%<\/td>\n<td class=\"light-red\">-0.22%<\/td>\n<td class=\"light-red\">-0.11%<\/td>\n<td>\u00a0<\/td>\n<td class=\"light-red\">-0.17%<\/td>\n<\/tr>\n<tr class=\"fxs-major-currency-prices-currency-price\">\n<th>CHF<\/th>\n<td class=\"light-green\">0.02%<\/td>\n<td class=\"light-green\">0.02%<\/td>\n<td class=\"light-red\">-0.13%<\/td>\n<td class=\"light-red\">-0.19%<\/td>\n<td class=\"light-red\">-0.05%<\/td>\n<td class=\"light-green\">0.05%<\/td>\n<td class=\"light-green\">0.17%<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"fxs-major-currency-prices-currency-prices-legend\">The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)\/USD (quote).<\/p>\n<\/div>\n<\/div>\n<h2 class=\"fxs_headline_medium\">Technical Analysis: Pound Sterling drops holds above all short-to-long-term EMAs<\/h2>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/_GBP_USD_2024-07-19_12-14-26-638569685233900569.png\"><\/a><\/p>\n<p>The Pound Sterling corrects sharply to near 1.2920 against the US Dollar. The GBP\/USD pair weakens as the upside stalls after printing a fresh annual high at 1.3044 on Wednesday. The Cable has formed a Bearish Belt Hold <a rel=\"nofollow noopener\" target=\"_blank\" data-fxs-autoanchor=\"\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/chart\/candlestick-patterns\">candlestick<\/a> pattern on a daily timeframe, a move that generally comes after a sharp\u00a0rally. However, this alone is incapable of confirming a bearish reversal.<\/p>\n<p>The upward-sloping 20-day Exponential Moving Average (EMA) near 1.2850 suggests that the uptrend is intact. The 14-day Relative Strength Index (RSI) declines after turning slightly overbought and is expected to find a cushion near 60.00.<\/p>\n<p>On the upside, a two-year high near 1.3140 will be a key resistance zone for the Cable. On the other hand, the March 8 high near 1.2900 will be a key support for the Pound Sterling bulls.<\/p>\n<div class=\"module_calendar_event_cke post-module\">\n<div class=\"fxs-event-module-wrapper\" data-config-event-id=\"0205d838-1106-4d7d-abdd-692f33fb5686\" data-config-mode=\"Historical\" data-config-topic=\"fd0289a6-0d30-4d90-a7ce-87426ee86fc7\" data-content-module-translate=\"0\" data-module=\"event\" data-type=\"event\" data-version=\"v1\" id=\"content-module-event-fd0289a6-0d30-4d90-a7ce-87426ee86fc7-40\">\n<h2 class=\"fxs-event-module-title\">Economic Indicator<\/h2>\n<div class=\"fxs-event-module-inner-calendar\">\n<div class=\"fxs-event-module-calendar-title-description-wrapper\">\n<h3 class=\"fxs-event-module-calendar-title\">Core Consumer Price Index (YoY)<\/h3>\n<p class=\"fxs-event-module-content\">The United Kingdom (UK) Core Consumer Price Index (CPI), released by the Office for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"http:\/\/www.statistics.gov.uk\/\">National Statistics<\/a> on a monthly basis, is a measure of consumer price inflation \u2013 the rate at which the prices of goods and services bought by households rise or fall \u2013 produced to international standards. The YoY reading compares prices in the reference month to a year earlier. Core CPI excludes the volatile components of food, energy, alcohol and tobacco. The Core CPI is a key indicator to measure inflation and changes in purchasing trends. Generally, a high reading is seen as bullish for the Pound Sterling (GBP), while a low reading is seen as bearish.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" class=\"fxs-event-module-read-more\" href=\"https:\/\/fxstreet.com\/economic-calendar\/event\/0205d838-1106-4d7d-abdd-692f33fb5686\" title=\"read more\">    <span>Read more.<\/span> <\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Pound Sterling further corrects against the US Dollar after the release of weaker-than-expected UK Retail Sales data for June. Doubts over the BoE to begin reducing interest rates in August remain\u00a0afloat. The uncertainty over the US Presidential elections improves the safe-haven appeal of the US Dollar. The Pound Sterling (GBP) extends its correction against [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":125776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,712,248,251,246,257,366,641,255,250,252,247,253,791,249,5212,256,254],"class_list":["post-347864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-boe","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-fed","tag-gbpusd","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-retailsales","tag-safe-moon","tag-seo","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/347864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=347864"}],"version-history":[{"count":3,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/347864\/revisions"}],"predecessor-version":[{"id":347867,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/347864\/revisions\/347867"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/125776"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=347864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=347864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=347864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}