Pound weakens as UK retail sales slump exceeds expectations

By Public Technologies
  • The pound faced pressure from a larger-than-expected UK retail sales slump, leaving sterling vulnerable if October’s services PMI disappoints.
  • The euro weakened as French bond yields exceeded 5%, reaching a 24-year high; analysts lowered growth expectations for 2026 and 2027.
  • Surging oil prices lifted safe-haven demand for the US dollar, with an unexpected decline in initial jobless claims reinforcing gains.
  • The Canadian dollar rose with oil prices, but an expected sharp slowdown in retail sales threatened further gains.
  • New Zealand’s dollar strengthened as investors priced in a Reserve Bank of New Zealand rate hike next week despite underwhelming inflation.


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