Disappointing UK Retail Sales Push Pound Lower

The Pound rounded off the end of last week on the back foot after a drop in retail sales placed pressure on the currency on Friday.

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The data showed that there had been a contraction in the growth of sales and that resulted in concerns about the strength of the economy in the UK. As a result, the currency finished the day at 1.1719 against the Euro and 1.374 against the US Dollar according to the Foreign Exchange Market.

It was also a challenging day for the Euro after the release of the consumer price index in Europe. This indicated that the final figures for August showed that inflation had reached a 10-year high which was followed by the European Central Bank announcing that the 2% inflation target might not be held. 

The US Dollar strengthened at the end of the week, following a rise in US treasury yields, which helped to bolster the Greenback. However, any gains were limited as the University of Michigan published consumer sentiment data which indicated that US consumer morale had only increased slightly about the 10-year low seen in August.

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