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Monday 25th of May 2009
April 21, 2005

Sterling in fall with consumer spending


by Brian Turner
Sterling in fall with consumer spending

The sterling fell 0.4 percent against the dollar from its overnight close to $1.9120. It also fell 0.4 percent against the euro to 0.6845.

This decline in the sterling came after an unexpected dip in March retail sales in the UK.

Instead of the expected 0.4 percent rise in sales, the March numbers showed a 0.1 percent decline.

Another factor in the fall of the sterling was the news that the release Wednesday of the minutes of the Bank of England’s April Monetary Policy Committee meeting showed that there was a seven to two split in favor of keeping interest rates at the present level.

This news produced speculation that interest rates would not be raised in May either.

Meanwhile, the U.S. dollar changed little from its overnight close, remaining the same against the euro at $1.3096. The dollar was up 0.1 percent against the yen at 107.16 after a fall on Wednesday after the release of strong U.S. inflation figures. The Swiss franc was up to $1.1740 against the dollar before settling down to trade at $1.1775.

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