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POUND EURO (GBPEUR) EXCHANGE RATE DROPS ON DISAPPOINTING RETAIL FIGURES

The Pound took a thumping against the Euro (GBPEUR) this morning following the publication of the most recent UK retail sales figures.
Sterling declined against the Euro by 0.8% as UK retail sales were 1% down in August against the previous year. It …

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The Pound took a thumping against the Euro (GBPEUR) this morning following the publication of the most recent UK retail sales figures.

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Sterling declined against the Euro by 0.8% as UK retail sales were 1% down in August against the previous year. It was widely expected that the figures would remain stagnant. Year-on-year retail sales increased 2.3% in August, which is much lower than the 3.2% which had been forecast by analysts. The poor results was mostly a result of to a decline in food sales. The decline was the worst for ten months.

The Pound Sterling to Euro Exchange Rate (GBPEUR) dropped to below of 1.1900 as of 11:00 GMT.

Sterling has seen a good rally over the last six months, but the recent retail figures have given analysts a reality check. Consistent positive data will be required in order to see a further strengthening of the Pound.

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Filed under: http://www.theleader.info/article/40686/

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