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Pound Sterling tumbles to 37-year low against US Dollar after poor UK retail sales figures
Pound Sterling tumbled to a 37-year low against the dollar this morning, pushed further down by disappointing retail sales figures.
It plummeted to by more than one per cent to 1.1351, its lowest against the dollar since 1985, while continuing its 17-month poor run against the Euro also.
The Euro rose to 87.66 pence, its highest since early 2021, and was last up 0.39 per cent at 97.52 pence, according to Reuters
This comes after weaker than expected retail sales figures this morning, with volumes dropping 1.6 per cent in August, according to the Office for National Statistics.
Retail sales continued their year-long downward spiral as the cost of living crisis continues to put pressure on Brits’ spending.
More to follow