The Great Britain pound retreated today, falling for the second consecutive session against the Japanese yen and for the third versus the US dollar, as economic indicators were not particularly supportive for the currency.
UK retail sales were down 1.0 percent on a like-for-like basis in February from a year ago, according to British Retail Consortium. The reading was not too bad, considering that the comparison was made to the very strong period of sales. Industrial production growth slowed from 0.5 percent in December to 0.1 percent in January, while manufacturing production was able to maintain the pace of expansion at 0.4 percent. Analysts still speculate that Britain’s central bank is going to raise interest rates relatively soon, perhaps sooner than the US central bank.
GBP/USD declined from 1.6642 to 1.6603 and GBP/JPY went down from 171.86 to 171.52 as of 11:48 GMT today.
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