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The pound decreased yesterday (September 17th) as the single currency rose 84.03 pence, its strongest since late July, Reuters reports.
According to the news provider, sterling was hit by data that revealed UK retail sales had dipped more than expected in August.
This led Vicky Redwood at Capital Economics to note that the decline could be the first to show "the surprising resilience of consumer spending could be coming to an end".
There was more bad news for sterling as it was down 0.1 per cent against the dollar at $1.5604, but Reuters pointed out that in a way it was well-supported against the US currency as it remained above a number of closely-watched moving average levels.
Moreover, the pound decreased by more than 50 pips against the dollar yesterday morning.
Posted by Chris Weaver
