British Pound at two and half month low following tepid UK retail sales data

British Pound slipped today as weak economic undertone in UK economic cues clubbed with generous support for the US dollar owing to escalating global trade worries weighed on the sentiments. UK retail sales growth eased sharply in September amid rising price pressures and uncertainty ahead of the Budget, according to the British Retail Consortium (BRC) on Tuesday. The BRC-KPMG Retail Sales Monitor showed that total retail sales rose at a year-on-year rate of 2.3% in September, down from 3.1% in August and the slowest rate of growth since May. This pulled down the GBP/USD pair under 1.3300 mark and it currently quotes at 1.3275, down 0.44% on the day and testing two and half month low. GBP/INR futures on NSE are also down half a percent at 117.97 after testing lows under 118.80 mark.

Powered by Capital Market - Live News