At 4:30 am ET Thursday, the Office for National Statistics releases U.K. retail sales data for June. Sales are forecast to grow 0.4 percent on month in June, reversing a 1.2 percent fall in May.

Ahead of the data, the pound dropped against its major rivals.

As of 4:25 am ET, the pound was trading at 0.8857 against the euro, 1.2426 against the Swiss franc, 1.2979 against the U.S. dollar and 145.81 against the yen.

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