British Pound outperforms Euro despite weak UK Retail Sales data

EUR/GBP trades near more than one-week lows as the British Pound outperforms despite weak UK Retail Sales data. Stronger German IFO and GDP data fail to lift the Euro amid concerns over slowing Eurozone growth and rising inflation pressure. Cautious comments from ECB President Christine Lagarde add to pressure on the Euro. trades on the back foot on Friday and is set to end the week in negative territory, as the British Pound (GBP) outperforms most major peers despite weaker-than-expected UK Retail Sales data, while upbeat German economic data fails to provide meaningful support to the Euro (EUR). At the time of writing, the cross is trading near more than one-week lows around 0.8635. Data released earlier on Friday showed Germany’s IFO Business Climate Index rose to 84.9 in May from 84.5 in April, beating market expectations of 84.2 and signaling improving business sentiment in the Eurozone’s largest economy.