U.K. Pound Slips to 1-Week Low Versus Dollar Before Report on Retail Sales
The pound slipped to the lowest in a week against the dollar before a report that’s expected to show U.K. retail sales slumped in February.
Britain’s currency was little changed against the euro. Sales probably slipped 0.6 percent from the previous month, when they gained 1.9 percent, according to the median forecast of 24 economists surveyed by Bloomberg News.
The pound depreciated 0.1 percent to $1.6218 at 8:03 a.m. in London, its second straight decline. It touched $1.6201, the lowest since March 18. Against the euro, sterling strengthened less than 0.1 percent to 86.75 pence.
Two days ago, Sterling advanced to $1.6401, the strongest level since Jan. 19, 2010, on speculation the Bank of England would raise interest rates.
To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net.
To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net.
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