Economics
Pound Pares Weekly Advance as Rally Fueled by May, Carney Fades
- Sterling declines after BOE official says ‘easing required’
- Dollar gains as U.S. sales data beat economists’ forecasts
Gkionakis: This Is as Good as It Gets for Sterling
This article is for subscribers only.
The pound declined Friday, reversing earlier gains versus the the dollar, after better-than-expected U.S. retail sales and manufacturing data added to signs that the world’s largest economy is gaining traction.
Sterling weakened against most of its Group-of-10 peers as BOE Chief Economist Andy Haldane signaled policy easing will likely be required to bolster the U.K. economy after the country voted to leave the European Union. The pound pared its best week since March against the U.S. currency, having advanced earlier as the appointment of Theresa May as Prime Minister returned a sense of political stability to the U.K. and the Bank of England unexpectedly kept interest rates unchanged.