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Quotes from Western Union:
- Buying sterling today offers the assurance of one of the best markets in nearly a year. Sterling neared recent 11-month lows after downbeat news on U.K. consumers offered more evidence of an economy on the downshift.
- British retail sales underwhelmed with a 0.3 percent fall in September, confounding forecasts of a smaller decline. Weak data buy the Bank of England time to keep borrowing rates low, weighing on the pound.
- More risk and uncertainty lies ahead for sterling with preliminary U.K. growth due Friday. Forecasts call for Europe's third biggest economy to grow at a slower pace of 0.7 percent in the third quarter, down from 0.9 percent in the second quarter.
