The British pound is falling to its lowest level against the dollar since late 2020 after signs that Britain’s economic growth is facing risks.
-
The British pound fell below $1.29 for the first time since November 2020
The British pound fell, on Friday, to its lowest level against the dollar since late 2020, after pessimistic data on retail sales and consumer confidence data indicated that economic growth in Britain faces risks.
The British pound fell below $1.29 for the first time since November 2020 to reach its lowest level at $1.2858. It fell 1.2% in the latest trading today, heading for the largest drop in one day in two months.
Sterling also fell against the euro to its lowest level since April 4, after it last fell more than 1% to 84.03 pence per euro, in its worst day against the single currency in 7 months.
UK retail sales fell 1.4% in March compared to February, much more than expectations for a 0.3% decline in a Archyde.com poll.
British consumer sentiment fell to its second lowest level ever since records began nearly 50 years ago, with the deepening cost of living crisis taking its toll on household confidence in the economy.