British pound sterling slipped against the dollar but climbed against the euro

British pound

Buoyed by analysts and investors whose attention are now focused for positive signs as British Prime Minister: Theresa May visits Berlin to meet Angela Merkel, the British pound sterling ascended against the euro on Friday. Sterling held firm against the single currency and settled at 88.53 pence per euro, which was still 0.2% higher from the currency’s previous settlement.

This was due to investors and analysts hoping the British Prime Minister to make progress on eliminating a stalemate on agreeing the terms of Britain’s exit from the European Union next year, as she visits Berlin to have a meeting with Germany’s Chancellor: Angela Merkel. In addition, Theresa May mentioned after meeting with Angela Merkel that she wanted a Brexit deal that was beneficial for companies in Britain as well as the rest of the EU.

On the other hand, the British pound sterling slipped against the U.S. dollar, trading at $1.4048 which was 0.4% lower from the pound’s previous close. In accordance to this, earlier in the week, the feeble dollar along with the signs that the BoE will tighten monetary policy sooner than expected this year reinforced the pound.

However, data showed on Friday emphasized concerns about UK economic weakness, the data indicated UK’s retail sales volumes which accelerated by 0.1% on the month of January after shredding 1.4% in December last year, which was 0.5% lower from the raise analysts and investors are expecting.

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