The Sterling (GBP) the Pound held up well with the so much risk aversion in the market being supported by EUR/GBP selling. July Retails sales were softer than forecast at 0.2% vs. 0.3% m/m.  The market closed at the 1.6500 handle but could be under pressure if the stock sell off intensifies. Looking ahead, July Public net borrowing forecast at 0.4bn vs. 12.0bn.
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