Pounds steady before retail sales in UK


The British pound steadied on Thursday as traders waited for retail sales numbers and the outcome of the Bank of England monetary policy meeting.

Retails sales growth is expected to have stalled in August on the previous month, according to Reuters poll of economists, while year-on-year growth will fall to 2.9 per cent from 3.3 per cent.

The numbers are due out at 0830 GMT and follow lower than expected inflation data earlier this week, which was a boost to consumers ahead of Britain’s departure from the European Union.

The BoE is forecast to keep rates on hold at 0.75 per cent when it announces its policy at 1100 GMT, and investors will be watching closely for policymakers’ views on Brexit and the outlook for the British economy, which contracted in the second quarter but has since recovered somewhat.

Sterling was unchanged at 1.2469, while against the euro the currency was down marginally at 88.535 pence.

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