A toxic mix of data showing slowing UK economic activity and rising prices sent the pound downwards towards a three-month low against the dollar on Tuesdayy.

A survey from the British Retail Consortium showed UK sales registered a 1.5 per cent annual decline in April, the first time spending has dropped in two consecutive months since 2005.

Meanwhile, a survey from the Royal Institute of Chartered Surveyors revealed that a record number of its members reported house price falls in the three months to April.

The pound staged a brief rally, however, rising to a session high of $1.9594 against the dollar after figures showed UK consumer price inflation rose by far more than expected in April. ... Read full article