The Great Britain pound weakened today as the shop prices rose in June less than in may, adding to the concern that the budget cuts would slow the economic growth.
According to the British Retail Consortium, the overall shop price index declined to 1.5% in June from 1.8% in May. Does that mean that the fears of the austerity measures strangling the economy proved true? We should yet to see, but for now, the sterling reacts badly to the news.
GBP/USD traded near 1.5130 as of 10:55 GMT today after opening at 1.5148. GBP/JPY traded at 131.99 after it opened at 132.57.
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