The Great Britain pound erased its earlier rally against the US dollar and actually fell versus the Japanese yen. While poor retail sales data might have some negative impact on the currency, the main perpetrator in the sterling’s fall was the meeting of the European Central Bank.
UK retail sales dropped sharply by 1.3% in March from February. Analysts had expected just a negligible fall by 0.1%. Yet the pound was rising after the report and fell only after the ECB policy announcement, following the moves of the euro.
GBP/USD traded at 1.4323 as of 20:15 GMT today following the rally from 1.4330 to 1.4438. GBP/JPY fell from 157.40 to 156.77 after rising to the high of 158.35 earlier.
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