2014.07.2423:17:02UTC+00Pound plunges on disappointing UK retail sales data

The British pound sterling dropped against the US dollar, euro, and the Japanese yen Thursday on disappointing UK retail sales data and lack of clear hawkish tone from the Bank of England.

Against the US dollar, the pound slid $1.6985 from $1.7024 Wednesday, moving below  $1.7000 for the first time since late June.

Sterling was down against the euro at €1.26, but fell against the yen at ¥172.90.

“Investors still expect the BOE to be the first of the G-4 central banks to normalize monetary policy, but the lack of a clarity regarding when investors can expect an interest-rate increase in the minutes from the central bank’s July meeting, released Wednesday, caused investors to exit their long positions,” said Brian Daingerfield, Foreign-Exchange Strategist at RBS.