The British pound experienced weakness again against major currencies on Wednesday in New York.
Traders considered data indicating that retail sales in the UK have fallen steeply this year. The report showed 63% of participants in the latest Distributive Trades Survey conducted by the Confederation of British Industry revealed that the year-on-year sales volume decreased in the first half of March.
Extending previous session's downtrend, the pound ticked down further against European single currency and the Swiss franc in New York morning deals today. The pound is trading near 0.9297 against the euro and 1.6396 versus the franc.
Against its US counterpart, the pound declined in early morning and touched a low of 1.4548 by about 8:10 am ET. Thereafter, the pair edged up slightly and as of now worth 1.4587. The pound hit a multi-week high of 1.4781 versus the greenback yesterday.
The US Commerce Department released a report on Wednesday showing new home sales unexpectedly rose 4.7 percent to an annual rate of 337,000 in February from an upwardly revised January rate of 322,000. Economists had expected sales to fall to 300,000 from the 309,000 originally reported for the previous month.
The Commerce Department also said that durable goods orders jumped 3.4 percent in February after falling by a revised 7.3 percent in January. Economists had been expecting durable goods orders to fall by 2.5 percent compared to the 4.5 percent decrease that had been reported for the previous month.
Against the Japanese yen, the sterling also showed weakness in New York morning session today. The British currency dropped to 142.20 against the yen at about 7:35 am ET, which may be compared to Tuesday's closing value of 143.71. Presently, the pair is trading near 142.66.
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