After the release of disappointing retail sales figures, the Pound Sterling has struggled to regain traction against the greenback. Retail sales failed to meet analysts' expectations across the board in August, with monthly and annual figures lower for both traditional retail sales and retail sales excluding fuel. With that out of the way, markets are just waiting for the impending central bank policy decision. Analysts expect to see no change to policy now, with votes from the Monetary Policy Committee expected to be unanimous.
The GBP/USD pair was trading at $1.2468, down 0.0377% at 11:02 am in London; the pair jad hit a trough of $1.24586 while the peak was at $1.25007. The EUR/GBP was higher by 0.3291% and trading at 0.8873 Pence, off the earlier peak of 0.88754%.
US Dollar Data in Focus
A slew of data will be released later today on the US economy. Initial jobless claims for the weekly period ending september 13th are predicted to have risen. The Philadelphia Fed Manufacturing Survey is likely to show a significant decline in the September data, down to 11.0 from 16.8. The EUR/USD is higher at $1.1064, up 0.2819%; the pair has ranged from a trough of $1.10221 to $1.10689 in today's session.