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Pound falls after retail sales drop

Apr 21 2017 11:25
Bloomberg: Anooja Debnath

London - The pound fell against the dollar, paring its biggest weekly gain this year, after data showed retail sales recorded their largest decline in seven years in the first quarter.

Sterling fell as the data showed sales dropped 1.8% in March alone, far exceeding the 0.5% decline forecast by economists.

The losses ate into a second weekly advance versus the dollar, after the UK currency had been boosted by Prime Minister Theresa May’s surprise announcement of a snap election on June 8.

May’s move was perceived by markets to reduce the prospects of a chaotic exit from the European Union.

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