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UK Pound Renews Downside On Sharply Low Retail Sales Data; GBPINR Slips Into Negative

Published on Jan 19, 2024 13:20

UK pound slumped on Friday in immediate reaction to UK retail sales that came staggeringly lower at 3.2% on monthly basis as against 0.5% expected and 1.4% in November. The ONS further showed annual retail sales in the United Kingdom declined 2.4% in December versus 1.1% expected and November�s 0.2% growth while the Core Retail Sales decreased by 2.1% in the reported month versus 1.3% expectations and 0.5% previous. Meanwhile, US dollar is seen consolidating recent gains after data from US continued to push back against the market�s expectations of an early rate cut, limiting sharp decline in the pair. GBPUSD is quoting at $1.2687, lower by 0.3% on the day after hitting a low of $1.2674. On the NSE, GBPINR futures that were holding around 105.65 levels turned lower to 105.48 after UK data.

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