Pound weakens against Euro as U.K. Retail Sales decline
The Pound declined against the Euro after an industry report showed U.K. retail sales surprisingly declined last month, although the overall trend seems to be improving, according to the British Retail Consortium. Retail sales showed a 2.2 percent decrease from the previous year. Also, the total number of sales fell 0.6 percent in April. In other news, U.K. house prices increased steeply in April and figures rose 1.1 percent on the month after an updated rise of 0.4 percent in March.
Meanwhile, the Euro held steady against most currencies yesterday after German industrial orders data unexpectedly rose again in March. Industrial orders for March rose 2.2 percent from February, exceeding an estimation of a 0.5 percent drop, providing a boost to the economy and the Euro.