Forex: Weak Retail Sales data bring losses for the Sterling

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Retail Sales figures for the month of February have been announced by the National Statistics Agency in United Kingdom. The announced rate of -0.8% was lower than the expected -0.6% and significantly lower than the previous reading of 1.5% of January. Following the announcement at 09:30 GMT the Sterling fell to a session low of 1.6148 against the US dollar as the lower than expected Retail Sales rate emphasised the downside risks to economic growth.

The retail Sales figure estimates the total receipts of retail stores and shows the rate of change on a monthly basis. As they are indicator of consumer spending a high reading will be associated with bullish behavior of a currency and low reading with bearish. The GBPUSD pair is currently traded at 1.6187.