The pound is down this morning after retail sales fell by a record 22% year-on-year in April, according to figures just released. Public sector borrowing also leapt by over £30 billion, as the government attempts to stem the impact of the coronavirus crisis.
Yesterday saw sterling lose ground against the euro as the British government sold its first negative-yield bond in history, as the Bank of England pursues its aims of keeping yields low to bring borrowing costs down for the state.
However, it was given a slight boost later on in the morning, after services and composite flash PMI figures came in better than expected, showing a small growth month on month.
