GBP continues to be weighed down by disappointing figures showing the UK economy is in danger of grinding to a halt and contracting in Q3. Given last month's social unrest the latest retail sales data for August arent likely to offer much respite with expectations for a decline of 0.2%, month on month, and year on year. It wouldnt be surprising however if the figures came in much worse that expectations, and if they did it would certainly add to the pressure for action on the doves side of the argument for more QE.
By
M.Zohaib Gadit
Forex Trading Consultant
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