BLBG:U.K. Pound Falls to Weakest in 12 Weeks Versus Dollar Before Retail Report
The pound fell against the dollar before a report that is forecast to show a U.K. retail sales index fell for a second month in June.
The decline pushed the British currency down to the lowest level versus the greenback since April 1. Retailers saying sales volumes increased from a year ago outnumbered those reporting declines by 13 percentage points, compared with 18 points in May, the Confederation of British Industry will say today, according to the median of 10 economist estimates. The U.K. plans to sell 450 million pounds ($722 million) of March 2050 inflation-linked bonds today.
The pound dropped 0.2 percent to $1.6045 as of 7:27 a.m. in London after reaching $1.6018. Sterling strengthened 0.3 percent to 89.08 pence per euro and was little changed at 129.05 yen.
To contact the reporter on this story: Matthew Brown in London at mbrown42@bloomberg.net
To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net
