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 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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