World Economy

Sterling Retreats

Sterling RetreatsSterling Retreats

Sterling retreated from a 3-1/2-month high against a trade-weighted basket of currencies on Friday but stayed track for its best weekly performance in nearly 10 months, Reuters reported. A robust retail sales report for April along with growing expectations that Britons will vote to stay in the European Union in a referendum on June 23 have boosted the currency this week. Sterling’s trade-weighted index fell to 87.4, having hit 87.9 on Thursday, it’s highest since Feb. 5. It has risen 2% this week. Against the dollar, sterling was 0.3% lower at $1.45. The euro recovered to trade at 76.94 pence against the pound, having fallen to 76.48 pence, it’s lowest since early February.