The dollar was stronger yesterday and is up this morning as safe-haven currencies are in favour once again. This was due to news that the global economy is expected to shrink this year.
Retail sales in the US plunged 8.7% month-on-month in March of 2020, worse than market forecasts of an 8% drop. It is the biggest decline on record and shows that the coronavirus crisis is taking its toll on the sector.
Meanwhile, President Trump has said he is going to halt funding to the World Health Organization because it has “failed in its basic duty” in its response to the coronavirus outbreak. In response, the UN’s chief said it was “not the time” to cut funding.
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