Forex News – Sterling hurt by poor retail sales data
Posted on February 15, 2013 at 11:27 am GMTSterling tumbled against the dollar after disappointing UK retail sales data. According to a report from the UK Office for National Statistics, sales volumes including automotive fuel declined 0.6 percent in January on a on the month. This was surprising and confounded economists’ forecasts for higher sales. The main reason was unusually snowy weather which hurt food stores in particular, which resulted in many small grocers closing until the bad weather was over. Data showing sales excluding fuel also fell [..]