After hitting a 10-week high yesterday against the euro, the pound has lost some strength following disappointing retail sales data. Signs that consumers may be more cautious than was initially thought could weigh on sterling.
This weak UK data combined with recent dollar strength has also seen sterling face its biggest loss in nine months against the greenback.
The dollar has been boosted in recent days, largely due to hawkish comments from the Federal Reserve which indicated that interest rates may be set to rise sooner than expected. As a result, the euro is also struggling against the dollar and is currently trading around its lowest levels in two months.
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