Sterling sinks versus the Eurozone's common currency and the greenback! The pound has lost out, because financial markets question whether the Bank of England's decision to lift UK interest rates to 0.75% was the right call, given the UK's slow wage growth, and ongoing Brexit uncertainty.
Sterling edges up versus the common currency! The pound to euro interbank exchange rate gained +0.5 cents last week, to 1.1250. The pound triumphed last week, because the UK economy beat forecasts. In particular, the CBI's survey of UK factory output jumped to 11 in July.
Sterling drops versus the common currency! The pound to euro interbank exchange rate fell by -1.25 cents last week, down to 1.12. The pound sank into the mud last week, first because UK retail sales unexpectedly declined by -0.4% in June, well below hopes for a +0.5% rise.
The pound to euro interbank exchange rate stuck close to 1.13-1.14 last week, as the EU may force UK prime minister Theresa May to revise her Brexit white paper.