Sterling fell to a new 37-year low against the US currency and a 19-month low against the euro today after weaker-than-expected retail sales data fueled fears about the UK economy.
The pound fell more than 1 percent against the U.S. dollar to $1.1351, its lowest level since 1985. while a while ago it was moving at 1.1404 dollars. The euro rose to 87.71 pence today, its highest since February 2021. It was up 0.39% at 87.45 pence earlier.
Today’s drop came after data showed retail sales by volume fell 1.6% month-on-month in August – the biggest drop since December 2021 and worse than all economists forecast in a Reuters poll.
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