UK high street sales drop – surprise surprise

The pound has had a mixed morning against the majors after sterling took full advantage of an under-pressure euro and traded higher, but cable took yet another hit and dived. I think most peeple already new what high street sales numbers were going to show anyway, but the figures just released confirmed it. The latest CBI survey showed high street sales were lower in July as rising food and petrol prices blunted consumer spedning power. This led to the pound sliding as the news filtered through.

Categories: economics, sterling.