The English pound dropped to a new fresh 37-year low against the US after weaker than expected retail sales figures reinforced fears about the British economy.
On the week of Queen Elizabeth’s funeral, the pound which will soon see the King on its currency fell more than 1% against the dollar to $1.1351 its lowest since 1985 and was last trading at $1.1404 Reuters reported.
The drop follows data on retail sales which slipped 1.6% in monthly terms in August which is the biggest fall since 2021. This is the latest bad news for the British economy which faces slower growth and more persistent inflation than any other economy in 2023 the IMF forecasts.
Bank of England will meet next week as part of the central bank meetings with economists predicting the BOE to hike interest rates .75bps instead of .50bps looking at the circumstance.
