Sterling edges up after stronger UK retail sales

Alsharq Tribune-Reuters

The pound edged up on Friday after data showed UK consumer spending picked up much more sharply than expected in January, but was weaker in the key shopping month of December than initially thought. British retail sales rose by 1.7% in January, figures from the Office for National Statistics showed on Friday, above forecasts for a rise of 0.3%.

December's figure was revised down to show a monthly drop of 0.6%, from an initial reading of a 0.3% decline. Sterling was last up 0.1% on the day at $1.2675, around its highest in two months, having traded at $1.266 prior to the figures.

The euro was last down 0.1% against the pound at 82.81 pence, from 82.85 before the data.