Sterling Weakens On Low Retail Sales – 19 July, 2018

For the first time in over 10 months, sterling has dropped below $1.30, triggered by weak economic data and Brexit uncertainty. A stronger dollar also affects the currency which dropped 0.7 percent to $1.2985. June retail sales in Britain dropped by 0.5 percent despite expectations that it would rise by 0.2 percent per month. Though the first three months of 2018 showed higher retail numbers, but investors focus was on the June decline. Against the euro, sterling sits at a four month low of 89.415 pence.