Pound Rallies vs. Dollar, Unable to Beat Other Currencies

The Great Britain pound rallied against the US dollar today as UK retail sales exceeded analysts’ expectations. The sterling’s performance against other currencies was not so good, and Britain’s currency touched the lowest level in almost two months against the Japanese yen.

The Office for National Statistics reported that retail sales were up 0.7 percent in February from the previous month. The increase was bigger than the forecast 0.4 percent. Yet the sterling had troubles to rally even after the positive report as the previous negative data put a dent in the currency’s attractiveness.

GBP/USD gained from 1.4879 to 1.4938 as of 11:22 GMT today. At the same time, GBP/JPY was down from 177.78 to 177.28, touching the low of 176.47 intraday — the weakest rate since February 3.

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