The EUR/GBP pair falls back from 0.8570 as German Retail Sales data for February remains weaker than expected.
EUR/GBP faces sell-off near 0.8570 on poor German Retail Sales for February. Monthly German Retail Sales surprisingly dropped by 1.9% against expectations of 0.3% growth. BoE Haskel sees rate cuts are far away. Monthly Retail Sales surprisingly contracted by 1.9% against the consensus of 0.3% growth. In January, Retail Sales dropped by 0.4%. Annually, sales at retail stores were declined at a higher pace of 2.7% against expectations of -0.8% and the former decline of 1.4%.
ECB policymaker Madis Muller said on Tuesday that “we're closer to a point where ECB can start cutting rates.” Easing wage growth has fuelled ECB’s rate-cut expectations for the June meeting. Meanwhile, the Pound Sterling remains unchanged even though Bank of England policymaker Jonathan Haskel delivers a hawkish guidance on interest rates. BoE Haskel said on late Wednesday to the Financial Times that rate cuts should be a long way off.
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