Pound Erases Drop Versus Dollar After U.S. Retail Sales Report

The pound erased a decline versus the dollar after a report showed U.S. retail sales increased less than economists forecast.

Sterling was little changed versus the euro after U.K. home sellers raised asking prices to a record. Sales in the U.S. climbed 0.4 percent last month, half the 0.8 percent median forecast of 82 economists in a Bloomberg News survey. Benchmark 10-year gilt yields were within four basis points of the lowest in almost four weeks. The central-bank minutes, due on July 17, will reveal how policy makers voted at Governor Mark Carney’s first meeting.

The pound was little changed at $1.5095 at 3:43 p.m. London time after falling by as much as 0.5 percent to $1.5028. The U.K. currency was at 86.37 pence per euro. It reached 86.94 pence on July 11, the weakest since March 13.

Home prices sought in the U.K. climbed for a seventh month, increasing 0.3 percent to an average 253,658 pounds, London-based property-website operator Rightmove Plc said.

To contact the reporter on this story: Anchalee Worrachate in London at aworrachate@bloomberg.net

To contact the editor responsible for this story: Paul Dobson at pdobson2@bloomberg.net

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