Pound Tumbles Amid Disappointing UK Retail Sales

The pound weakened after October's UK retail sales data showed a larger-than-expected decline, potentially influencing the Bank of England's stance on rate cuts. Sterling is down 0.22% against the dollar and also fell against the euro, marking its lowest level in six months.

The pound took a hit on Friday following October's UK retail sales data that revealed a significant decline beyond market expectations. If this trend continues, it may impact the Bank of England's approach to interest rate cuts.

Sterling fell 0.22% against the dollar, reaching its lowest level in six months at $1.2566. The British currency also softened against the euro, which climbed 0.16% to 83.35 pence.

This currency movement underscores the economic challenges Britain faces as weaker retail sales could signal broader economic issues, prompting further financial scrutiny.

(With inputs from agencies.)