Pound reverses gains after bleak British retail sales

Financial Post | Jan 17, 2020 at 12:28 PM
  • The pound gave up early gains on Friday after UK retail sales data came in weaker than expected, prompting investors to price in a greater chance interest rates would be cut at the end of this month.
  • Several Bank of England policymakers, including outgoing Governor Mark Carney, signaled this week that a rate cut was likely unless economic data improved.
  • The British currency held up strong compared with where it was trading earlier in the week, when it fell to a three-week low of $1.2955 even though markets were not expecting a rate cut.
More sources
  • Pound reverses gains after bleak British retail sales (Reuters: Jan 17, 2020 at 12:27 PM)