Poor economic data keeps sterling currency exchange low

Sterling has remained low in the currency exchange markets as concerns surrounding the strength of the UK economy worry traders.

The latest round of negative economic reports concerning the UK, have included the news from the Office for National Statistics detailing a fall in retail spending.

Between December 2009 and January 2010, total sales volume dropped by 1.8 per cent, suggesting that the UK is far from regaining its strength.

Geraldine Concagh, economist at AIB Group Treasury in Dublin, told Reuters: "Sterling is starting the week where it finished last week - on the back foot after a run of bad data, with not a lot to offer any relief."

Economists also revealed that renewed worries regarding the forthcoming general election were also keeping sterling down.

One pound sterling bought $1.55 at 15:30GMT today (February 22nd).

Posted by Sarah Pitton

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