Pound Drops for Fifth Day Against Dollar

The Great Britain pound fell for the fifth straight trading session against the US dollar and also dropped against other major rivals even though some of the macroeconomic reports released today were good.
British Retail Consortium reported that retail sales rose 1.1% in July from a year ago. UK manufacturing production fell 0.3% in June from the previous month while industrial production ticked up 0.1%. The trade balance deficit was at £12.4 billion in June, widening by £0.9 billion from May, whereas experts had promised it to narrow to about £9.6 billion.
GBP/USD fell from 1.3038 to 1.3002 as of 15:51 GMT today, and its daily low of 1.2957 was the lowest since July 11. EUR/GBP gained from 0.8501 to 0.8543, also trading near the highest level in about a month.

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