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Sterling falls to 6-month low after weak UK retail sales
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LONDON (Reuters) – The pound weakened on Friday after data showing British retail sales fell by much more than expected in October, which if matched by other soft
LONDON (Reuters) – The pound weakened on Friday after data showing British retail sales fell by much more than expected in October, which if matched by other soft data could cause the Bank of England to be less cautious when it comes to rate cuts.
Sterling was last down 0.22% on the dollar at $1.2566, its lowest in six months. It was also softer on the euro, which was up 0.16% at 83.35 pence.
(Reporting by Alun John, editing by Samuel Indyk)
The Bank of England is the central bank of the United Kingdom, responsible for issuing currency, maintaining monetary stability, and overseeing the financial system.
A currency exchange rate is the value of one currency for the purpose of conversion to another. It determines how much of one currency you need to spend to buy another currency.
Interest rates are the amount charged by lenders to borrowers for the use of money, expressed as a percentage of the principal. They influence borrowing costs and economic activity.
Sterling, often referred to as the pound, is the official currency of the United Kingdom. It is used in various forms, including banknotes and coins.
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