After rising against the euro and the dollar on Friday morning, the pound then weakened towards the end of the day following soft retail sales data.
UK retail sales came in at -4.7% year-on-year in May, which was worse than the expected reading of -4.5%. This was driven by sales in food stores declining by 1.6%.
It’s a fairly light week for data releases, however, final GDP figures for the first quarter of this year are due on Thursday. There will also be speeches from Bank of England officials throughout the week, including Governor Andrew Bailey on Wednesday.
