21st August 2014
The pound has weakened to a four-and-a-half month low versus the dollar in forex trading markets today (August 21st), with weaker-than-anticipated retail sales figures weighing on the UK currency as the greenback strengthened.
Official data published by the Office for National Statistics showed transactions at UK stores increased by 0.1 per cent in July, missing expectations for a 0.4 per cent gain.
On an annual basis, retail sales were 2.6 per cent higher, below the consensus estimate for a three per cent rise.
There was solid demand for the dollar after the publication of the minutes from the Federal Reserve's July policy meeting, which showed some officials believe the country's economic recovery is progressing sufficiently to warrant an imminent interest rate hike.
Central bank chair Janet Yellen is set to give a speech in Wyoming tomorrow and this will be closely scrutinised for further indications as to the bank's intentions.
In early European trading, the pound shed 0.1 per cent versus the greenback to $1.6578 - the pairing's weakest level since April 4th.
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