Sterling Stays Weaker Versus Euro After U.K. Retail Sales, Public Finances Data
Dow Jones
Aug 21
0707 GMT - Sterling remains weak against the euro, staying not far from Thursday's three-week low after data revealed U.K. public finances deteriorated more than expected while retail sales were weak. The U.K. government borrowed more in July than a year earlier as an increase in spending more than offset record revenues from income taxes. Retail sales fell by 0.5% on month in July, more than the 0.4% fall forecast by economists in a WSJ poll. "The second half of the year so far looks far from being smooth sailing," Ebury's Phil Monkhouse says in a note. The euro rises 0.1% to 0.8569 pounds, staying near a three-week high of 0.8585. Sterling rises 0.1% against a broadly stronger dollar to $1.1696.
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