Sterling ends the week around 1% down on average against its major rivals, with more notable losses against the US and Canadian dollars and the Norwegian krone, and 0.75% down on the euro.
However, retail sales have this morning helped to put a floor on the losses, with a sharp increase in shopping in June suggesting that monetary policy may have some way to go in deterring spending. On the other hand, overnight we also heard GfK Consumer Confidence, which at -30 was the first decline for six months.
Aside from PMI next week there is little to excite the markets from the UK side, but plenty happening in the US and eurozone, including interest rate decisions.
GBP/EUR past year
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