Pound finds some footing against dollar
LONDON: British retail sales data that exceeded expectations offered some support to sterling on Friday though not enough to keep it in positive territory against the dollar's mini bounce-back across the board.
The pound was last down 0.22% against the dollar at $1.3309, hoisted off its session lows by the data that showed retail sales volumes rose by 0.4% in March alone, compared to the 0.4% decline expected by a Reuters poll of economists.
For the first quarter as a whole, retail sales rose by 1.6% - the strongest reading in four years.
'Sterling has got a little bit of comfort from this. I wouldn't overstate it, but it had a decent run and was threatening to fall back and got a little bit of help from the data, temporarily at least,' said Kit Juckes, chief FX strategist at Societe Generale.
The dollar was stronger against nearly all developed market currencies on Friday, helped by signs of easing trade tensions between the US and major partners, including China.
The US currency remains significantly weaker than before President Donald Trump's tariff announcements on April 2, however. Sterling, which has been roughly in the middle of the pack, is up 3.25% on the dollar in April, which would be its biggest monthly gain since November 2023.
The euro is up a chunky 5.3% on the dollar in April, and has gained nearly 2% on the pound, in what would be its biggest monthly advance since December 2022.
On Friday, the pound and euro were largely moving in tandem, with the euro last at 85.35 pence.
Traders this week have also been digesting remarks from Bank of England policymakers.
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