Economic news

Pound slides from day's top after strong retail sales figures

The pound retreated from the day’s peak on Thursday after solid British retail sales figures, with investors remained cautious due to ongoing Brexit talks.

Photo: Reuters

Sterling rose half a percent on the day to $1.3419 compared to $1.3385 earlier as sales volumes jumped 1.6 percent in April from March.

The British currency’s gains were also boosted by the greenback’s broadly weakness. It had lost half a percent versus a basket of its counterparts after the release of Fed minutes overnight which was digested as dovish.

The UK's FTSE 100 dropped, and was down 0.1 percent after the impressive retail sales data supported sterling, a negative factor for the benchmark index whose companies mainly earn in foreign currencies.

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