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.
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
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