Economic news

Sterling steady as longer transition period within EU is possible

Sterling rebounded to trade unchanged on Thursday after Prime Minister Theresa May said she was “ready to consider” an extension of a 21-month transition period after Britain's departure from the EU.

Photo: Reuters

The British currency was firm at $1.3114, after earlier sliding to $1.3076, although it briefly was affected by fresh data showed UK retail sales dropped by the most in half-year last month. It was 0.2 percent lower at 87.89 pence per euro.

Britain's retail sales tumbled 0.8% on the month due to decline in spending at food stores, department stores and online.

A batch of economic numbers this week, including the strongest wage growth for 10 years, have briefly turned investors’ attention on the economy's state and away from crucial Brexit talks.

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