Poor sales during the month of April in the U.K. pulled down the value of the British pound against the U.S. dollar on Wednesday, according to Bloomberg.
The pound's drop to its lowest level in 21 weeks prompted conjecture about the central bank pondering additional measures of intervention when it convenes this week. Wednesday's losses to the greenback mark the monetary unit's second consecutive day of losses to the world's reserve currency.
"This morning's retail sales data was soft," currency strategist Chris Walker with UBS AG in London told the news source. "It's still unlikely" the central bank of England will augment how many assets it acquires for the remainder of May "but it's more likely than it was two or three weeks ago as we’ve seen a moderation in economic data."
Among U.K. stores open for at least one year, sales fell 3.3 percent as compared to sales during the same month of 2011. That fall notates the largest monthly loss since March of last year.
Mortgage Strategy reports Mervyn King, governor of the Bank of England, repeated to an audience what he said during a radio address: that the institute he leads was in a prime position to do more immediately prior to the onset of the Great Recession.
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