Sterling dips after weaker-than-expected UK retail data

LONDON: Sterling weakened against the dollar to a session low of $1.2269 after data showed retail sales in Britain rose less than expected in August.

British retail sales were 0.4% higher than in rain-hit July, figures showed on Friday, compared to a poll of economists by Reuters that forecast a rise of 0.5%.

The pound steadied after the data release and was last down 0.1% at $1.2278 by 0612 GMT.

Sterling hits 10-week low as rate hike expectations take a hit

Against the euro, it was broadly flat at 86.74 pence per euro.

The pound had fallen to its lowest since March against the dollar on Thursday of $1.22305 after the Bank of England held interest rates steady, before paring its losses slightly later in the session.