Investing.com – The pound was down against the U.S. dollar on Thursday, falling to hit a fresh daily low, following worse-than-expected U.K. data on retail sales.
GBP/USD hit 1.5539 during early European trade, a daily low; the pair subsequently consolidated at 1.5586, shedding 0.23%.
Cable was likely to find support at 1.5448, Wednesday’s low, and resistance at 1.5701, the high of August 16.
Earlier in the day, the U.K. Office for National Statistics said that retail sales fell by a seasonally adjusted 0.5% in August, after rising by 1.1% in July.
Analysts had expected retail sales to fall by 0.3% in August.
The report said that year-on-year, the volume of retail sales increased by a seasonally adjusted 0.4% in August.
The pound was also down against the euro, with EUR/GBP gaining 0.58% to hit 0.8376.
Later in the day, the U.S. was to release key data on initial jobless claims and producer price inflation.
GBP/USD hit 1.5539 during early European trade, a daily low; the pair subsequently consolidated at 1.5586, shedding 0.23%.
Cable was likely to find support at 1.5448, Wednesday’s low, and resistance at 1.5701, the high of August 16.
Earlier in the day, the U.K. Office for National Statistics said that retail sales fell by a seasonally adjusted 0.5% in August, after rising by 1.1% in July.
Analysts had expected retail sales to fall by 0.3% in August.
The report said that year-on-year, the volume of retail sales increased by a seasonally adjusted 0.4% in August.
The pound was also down against the euro, with EUR/GBP gaining 0.58% to hit 0.8376.
Later in the day, the U.S. was to release key data on initial jobless claims and producer price inflation.