The Great Britain pound fell a bit today after retail sales missed forecasts, reinvigorating concerns about Britain’s economic growth. The losses were limited though, and the sterling managed to gain ground as the monetary policy outlook supported the currency.
UK retail sales were up just 0.1 percent in July, while analysts promised 0.4 percent growth. The data made the sterling extend yesterday’s drop against the dollar. While Britain’s currency rallied initially at the previous trading session, the Federal Reserve meeting minutes caused the currency to lose its gains.
GBP/USD slid from 1.6593 to 1.6564, the lowest since April 4, before bouncing to 1.6591 as of 12:08 GMT today. EUR/GBP traded at 0.7992 after rising from 0.7990 to 0.8008 earlier.
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