Retail sales fall

May’s disappointing retail sales figures, showing a 1.4% drop in May, have held sterling back this morning.

High street activity was expected to fall after April’s spike due to the royal wedding and run of bank holidays, but the decline was much more than expected.

We have now had all major UK data for the week, although for those of you tracking Euro rates we have the ECB monthly report and Eurozone trade balance due out tomorrow morning.