The Great Britain pound dropped today for the second day as the retail sales retreated to the lowest level this year, supporting the outlook that the Bank of England maintain stimulus.
The CBIâs Distributive Trades Survey posted the balance of -2 percent, the first negative value in a year. The expected reading was 11 percent. Reading above zero indicates growth of sales, below zero signals about decline. Together with yesterday’s BoE minutes the report creates bearish case for the sterling.
GBP/USD slumped from 1.6069 to 1.5984 as of 11:51 GMT today after posting the intraday low of 1.5974, the lowest level since April 1. GBP/JPY fell from 129.01 to 128.81.
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