Pound Falls to One-Month Low Versus Euro as Retail Sales Decline
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The pound fell to a one-month low against the euro after a government report showed U.K. retail sales unexpectedly declined last month, supporting the central bank’s case to boost monetary stimulus.
The U.K. currency slid to the lowest in more than two months versus the dollar after minutes of the Bank of England’s May 8-9 meeting also released today showed Governor Mervyn King was defeated for a fourth month in his bid to expand bond buying. The pound extended losses versus the dollar after Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank may cut the pace of its asset purchases in the next few months. U.K. government bonds were little changed.