Pound weakens as UK retail sales slump exceeds expectations
Bitget2026/10/23 08:36- The pound faced pressure from a larger-than-expected UK retail sales slump, leaving sterling vulnerable if October’s services PMI disappoints.
- The euro weakened as French bond yields exceeded 5%, reaching a 24-year high; analysts lowered growth expectations for 2026 and 2027.
- Surging oil prices lifted safe-haven demand for the US dollar, with an unexpected decline in initial jobless claims reinforcing gains.
- The Canadian dollar rose with oil prices, but an expected sharp slowdown in retail sales threatened further gains.
- New Zealand’s dollar strengthened as investors priced in a Reserve Bank of New Zealand rate hike next week despite underwhelming inflation.
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