The Pound hit its lowest level against the US Dollar this morning following the release of retail sales out of the UK. The figures show that although there was an improvement from Octobers weak number, it still undershot expectations which put the Pound on the back foot.
November is normally a big month in terms of retail sales, supported with the lead up to Christmas and events such as Black Friday, however the disappointing data shows consumers are cautious to spend therefore putting UK businesses under pressure.
This now shows that the economy has entered a downturn towards year end and that significant momentum has been lost, pointing to potential spikes in inflation.
The US Dollar continues to make ground across the board heading towards the end of the year with nothing of much importance on the horizon that could stunt the advances.
-Oakleigh Exchange Partners-