LONDON (Thomson Financial) – The pound has been hit hard, particularly against the dollar, this morning after another batch of disappointing UK economic data overnight ratcheted up the pressure on the Bank of England to cut interest rates again in June. While the Royal Institution of Chartered Surveyors said a record number of its members reported house price falls in the three months to April, the British Retail Consortium revealed that retail sales fell in April, the first time since 2005 that sales have declined for two straight months. Gavin Friend, currency strategist at Commerzbank, said the ‘central question’ for the pound in the short-term outside of any reaction to today’s CPI data is ‘to what extent will the MPC look through a multi-month period of elevated prices and instead towards economic weakness lasting well into 2009’. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News. Neither the Subscriber nor Thomson Financial News warrants the completeness or accuracy of the Service or the suitability of the Service as a trading aid and neither accepts any liability for losses howsoever incurred. The content on this site, including news, quotes, data and other information, is provided by Thomson Financial News and its third party content providers for your personal information only, and neither Thomson Financial News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. read more
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