Thursday saw the English pound fall to its lowest value in 14 days against the shared currency of the European Union, tugged downward by economic data stating retail sales in the U.K. dropped in October more than projections issued by economists, Bloomberg reports.
The pound also waned against the world's reserve currency, sliding to its trough of eight-plus weeks after the Bank of England suggested on Wednesday that is has not ruled out economy-spurring measures such as the purchase of assets.
"What the Bank of England said suggests the U.K. needs a weaker sterling, given that growth remains subdued," currency strategist Henrik Gullberg with Deutsche Bank AG in London told the news source, noting the status of the U.S. economy and the sovereign debt crisis are two factors that will influence the performance of the monetary unit.
Retail sales dropped 0.8 percent last month after rising 0.5 percent in September, according to the UK National Statistics office.
Mervyn King, governor of the central bank of England, is issuing warnings about a prolonged economic recovery from the Great Recession, according to The Financial Times.
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