Pound Edges Lower as UK Retail Sales Disappoint
The British pound experienced a slight dip following the release of downbeat UK retail sales data for July. According to the Office for National Statistics (ONS), retail sales fell by 0.5% month-over-month in July, after rising by 0.7% in June.
Core retail sales, which exclude auto and motor fuel sales, dropped by 0.9% MoM in July, compared to a 0.9% increase the previous month and a predicted 0.5% decrease.
The annual retail sales in the UK came in at 1.6% in July, a significant decline from the prior rise of 3.8%. Despite this, the GBP/USD pair is trading 0.11% higher on the day at 1.3645, holding above a three-month high against the dollar.
On the National Stock Exchange (NSE), GBP/INR futures are trading at 130.69, marginally higher than the previous day.