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Pound sterling continues downward trend after disappointing UK retail sales figures

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Statisticians blamed the Beast from the East for retail sales drop

The pound dropped 0.25 per cent against the dollar on Thursday morning after a bigger than expected dip in UK retail sales.

Sterling also fell 0.16 per cent against the euro to hit €1.1458 as it continued its decline which began on Wednesday after inflation undershot expectations.

The downward direction of the pound comes days after it hit a post-Brexit vote high of $1.436 ahead of wage and employment data released on Tuesday.

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Commenting on the retail sales figures, ONS senior statistician, Rhian Murphy said the reduction was “due to a large decline in March with petrol sales seeing a significant slump as a result of the poor weather keeping many shoppers indoors.

However, she added: “The snow actually helped boost online spending with department stores in particular seeing growth in their web sales.”

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