BLBG:Pound Weakens Against Dollar Amid Concern Over Pace of Economic Recovery
The pound weakened against the dollar after weak retail sales and employment data fueled concern about the pace of U.K. economic growth.
Retail sales slid more than forecast last month, according to data yesterday, while jobless-benefit claims surged in May. U.K. government bonds were little changed before the Debt Management Office auctions 4 billion pounds ($6.45 billion) of 28-, 91- and 182-day bills later today.
The pound fell 0.3 percent to $1.6117, as of 8:16 a.m. in London, extending a third straight weekly decline. Sterling traded at 87.84 pence per euro, from 87.91 yesterday. It slipped 0.4 percent to 129.73 yen.
The yield on the 10-year gilt was at 3.19 percent and two- year notes yielded 0.75 percent.
To contact the reporter on this story: Lucy Meakin in London at lmeakin1@bloomberg.net.
To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net.
