Declining retail sales and deteriorating consumer confidence ‘drop’ sterling

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The British pound fell against both the US dollar and the euro on Friday after consumer sentiment fell to a 16-month low and retail sales plummeted.

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The National Statistics Office said retail sales volumes fell 0.3% in February from January as weather prevented some buyers from going outside.

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Meanwhile, a GfK survey found that British consumer confidence fell to its lowest level since November 2020 in March amid concerns about inflation, high interest rates and the war in Ukraine. Read the whole story

The pound gradually fell against the dollar to trade 0.1% lower at $ 1.3174.

Against the euro, the pound fell as much as 0.3% to 83.68 pence, its weakest level against the single currency since Monday, before recovering slightly.

“The sterling’s limited response to the data is indicative of the pair’s limited volatility around current levels,” said Monex Europe analysts, noting that volatility had “dried up” after Wednesday’s budget announcement.

Source: Capital

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