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Pound Drops on Brexit Fears & Negative Data, Bounces Later

October 9, 2018 at 15:56 by Vladimir Vyun

Banknotes of ten British poundsThe Great Britain pound behaved similarly to the Australian dollar and several other currencies, falling intraday but rising later. Negative macroeconomic data was likely responsible for the initial drop, though the Brexit fears also likely played a role.

British Retail Consortium reported that like-for-like retail sales fell 0.2% in September from a year ago. The decline followed the increase at the same 0.2% in the previous month. Helen Dickinson OBE, Chief Executive at BRC, commented on the result:

These figures lay bare the difficult operating environment for the retail industry. After a challenging August, constrained consumer spending in September has resulted in the weakest sales growth for five months.

GBP/USD gained from 1.3084 to 1.3138 as of 15:46 GMT today, bouncing from the daily low of 1.3033. EUR/GBP declined from 0.8776 to 0.8744, trading near the lowest level since June 21, after rising to 0.8791 earlier.

If you have any questions, comments or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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