British Pound Edges Lower Amid Worsening Retail Sales

Published on Aug 18, 2023 13:37

British Pound edged lower while entering into the European session after data showed a slide in UK retail sales. Data released on Friday revealed a decline in UK Retail Sales to -1.2% on month from the previous 0.6% and below the expected -0.6% for July, adding to concerns that higher interest rates are weighing on consumer spending. GBPUSD pair dipped despite a modest pull back in dollar index, although it continues to stay elevated above 103 mark. The pair is currently seen quoting at $1.2724, down 0.05% on the day. On the NSE, GBPINR August futures are seen lower by 0.19% on the day at 105.72.