GBP/USD – Pound slips to 3-month low despite soft U.S. retail sales

May 15 14:05 2019 Print This Article

GBP/USD has posted considerable losses on Wednesday, as the pound continues to slide. In the North American session, the pair is trading at 1.2845, down 0.47% on the day. On the release front, there are no British events. In the U.S., consumer spending numbers disappointed, as retail sales and core retail sales both missed expectations. On Thursday, the U.S. releases three key indicators – building permits, unemployment claims and the Philly Fed Manufacturing Index.

U.S. retail sales in April were weaker than forecast, but this didn’t help the struggling pound. The currency has lost 1.2% this week and is trading at its lowest level since mid-February. Retail sales declined 0.2%, after a strong gain of 1.6% in March. Core retail sales posted a small gain of 0.1%, much lower than the estimate of 0.7%.

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