Pound Recovers Against Majors

In European deals on Friday, the pound recovered from new multi-day lows against the euro and the franc. The pound bounced back from a 3-day low against the yen and against the U.S. currency, The pound recouped from a multi-month low.

U.K. retail sales was down 1.8% on a monthly basis in January, the Office for National Statistics said in a report Today. This was the biggest decrease since June 2008 and larger than the expected 0.5% fall.

Year on year, retail sales volume rose 0.9% in January, smaller than the consensus forecast of 1.1%. Predominantly food stores increased 0.4% compared to the same period a year ago, while growth in non-food stores was 2.8%. Total sales volume in the three months to January was 2.2% higher than the same period a year ago.

The pound recouped against the 16-nation currency. Moving up from a new 8-day low hit earlier the pound touched 0.8774 at 6:50 am ET. As of now, the euro-pound pair is trading at 0.8776, compared to yesterday's close of 0.8716

The pound recovered to 1.6710 against the Swiss franc at 6:55 am ET, rising from a new 8-day low 1.6667 hit earlier. As of now, the pound is worth 1.6707 against the franc. The pair closed yesterday's session at 1.6827.

The pound, which is trading at a multi-month low against the U.S. dollar, climbed to 1.5385 at 7:00 am ET. Presently, the pound-greenback pair is trading at 1.5398, down from yesterday's close of 1.5517.

The pound recovered slightly from a 3-day low against the yen during Friday's European deals. The pound touched a high of 141.44 at 6:55 am ET, rising from a low of 140.94 hit earlier. Presently, the pound-yen pair is trading at 141.40, down from Thursday's close of 142.63.

There are no significant economic report due for release in the upcoming hours. However, across the Atlantic, the U.S. CPI for January is likely to influence trading.

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