The British pound receded from a five-week peak versus the US dollar Thursday, as British retail sales slid in March.
Official figures showed retail sales tumbled 0.5% compared with February, and were up 4.2% compared with March last year.
Against the US dollar, sterling traded at $1.5005 from $1.4961. It also closed at 71.67 British pence per euro.
The retail sales data was weak and halted the pound’s advance, “but on an annual basis, retail sales are up significantly,” said Jeremy Stretch, Head of Currency Strategy at CIBC World Markets.
Aside from a weak data, the uncertainty from the United Kingdom’s May general election was keeping investors wary about the pound. Latest surveys showed the Conservative and Labour parties neck and neck, igniting the likelihood of a hung parliament.
The material has been provided by InstaForex Company – www.instaforex.com