Sterling dips against euro after weak figures

Sterling weakened by 0.16 cents (0.14%) against the euro yesterday to close the day at 1.1745.

• In early trading yesterday sterling hit a one-week low against the euro, after data showed UK retail sales unexpectedly fell in May, down 0.6% from the previous month. Overall, that left retail sales 1.6% lower than the same month a year ago.
  
• The pound also fell yesterday after separate figures showed Britain’s public finances deteriorated more than expected last month, with public sector net borrowing rising to a record high of nearly £20 billion.
  
• In trading so far today the pound has dipped slightly against the euro as investors continue to assess recent less positive announcements.
  
• There are no major announcements due in the eurozone or UK today.