24.04.2020 GBP/USD Daily Analysis

24.04.2020 GBP/USD Daily Analysis

GBP/USD is trading at $1.2324 as the USD has gained strength because of its safe-haven status. Gilead Sciences`antiviral drug redeliver is reported by the Financial Times to have failed its first randomized clinical trial. Doubts have arisen over the efficacy of this drug and this has led investors to seek the USD as a safe haven. When the clinical trial of this drug was first reported, it made the world think that there had been a breakthrough in this battle against the pandemic. The USD Index went up by 0.4%. Gilead, however, disputed the report saying that the study was terminated early due to low enrollment and so the study results are inconclusive. The US Labor Department reported 4.427 million initial jobless claims for the past week. The Uk reported the worst retail sales as lockdown restrictions forced all stores to close except the essential stores. Sales went down by a record 5.1% in March, which is the biggest drop since 1996.