Retail sales data boosts pound

The pound gained on all major currencies on Thursday after a report from the Office of National Statistics said that UK retail sales grew in January by the most in nearly a year, making it less likely that the Bank of England will cut interest rates again soon.

In late morning trade in New York the pound traded at 75.45p to the euro, at 50.52p to the Canadian dollar and at 46.89p to the Australian dollar, while it cost $1.9600 or ¥211.0475 to buy a pound.

The US dollar was weaker in relation to the euro and the yen after the Philadelphia Federal Reserve Bank’s general economic index showed that regional manufacturing contracted again in January.

At just past 11:30 a.m. in New York, the dollar traded at $1.4789 to the euro while it took ¥107.6800 to buy a dollar.

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