GBP/CHF settles above 2-week low, posts weekly gain

The GBP/CHF currency pair settled above recent low of 1.1037, its weakest level since May 9th, after a stronger-than-anticipated UK retail sales growth and renewed relief among UK households over an upcoming drop in energy prices.

Data by the Office for National Statistics showed on Friday that retail sales volumes had risen 1.2% in April compared to March, beating economists’ forecasts of a 0.3% gain. This marked the fourth consecutive monthly growth, the first of its kind in almost five years.

Food store sales saw a notable rebound, climbing 3.9% after consecutive declines in the preceding two months. Yet, clothing and footwear sales declined over the month despite gains in department stores, household goods outlets and non-store retailers.

Ofgem further relieved pressure on UK consumers by imposing a 7% decrease on the country’s energy price cap. Effective July, this cut follows a series of prior hikes.

At the same time, fresh US tariff threats reignited investor concerns over the impact of those duties on global economy, providing support to traditional safe-haven currencies such as the Swiss Franc.

The GBP/CHF currency pair settled 0.04% lower at 1.1108 on Friday.

The minor Forex pair gained 0.07% for the week.