UK Retails Sales Decline, Sterling Loses Ground

The Great Britain pound fell today as Britain’s retail sales logged an unexpected decline last month, continuing the trend of worse-than-expected economic releases.

Retail sales were down 0.3% in January from the prior month. Forecasters were completely wrong with their promises of a 1.0% increase. The sterling was data-dependent lately, and so happens the recent macroeconomic data was not stellar, sending the UK currency down.

GBP/USD dropped from 1.2488 to 1.2427 as of 12:16 GMT today. EUR/GBP advanced from 0.8542 to 0.8574.

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