CurrencyShares British Pound Sterling Trust (NYSEArca: FXB) was down nearly 1% Tuesday morning after data showed U.K. inflation slowed in March, surprising markets.
Also Tuesday, U.K. retailers saw sales plunge in March, according to a report.
The U.K. pound slid to the weakest level in almost six months against the euro, Bloomberg reported Tuesday.
CurrencyShares British Pound Sterling is designed to follow the movement of the pound against the U.S. dollar. The exchange traded fund (ETF) was up a little more than 4% year to date, through Monday’s close.
“Today’s surprise news [on inflation]may take some of the pressure off of the Bank of England’s Monetary Policy Committee to raise rates next month,” Scott Corfe, economist at the Center for Economics and Business Research, told the Associated Press.
CurrencyShares British Pound Sterling
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