Breaking News: Sterling keeps calm and carries on around 1.3100 after UK retail sales slumped -0.8% in September

• UK retail sales fell -0.8% m/m in September 
• UK retail sales ex motor fuel fell -0.8% m/m in September.

Sterling remained little changed on the downside around 1.3100 after the UK retail sales fell -0.8% m/m in September with core retail sales excluding the motor fuels falling -0.8% m/m. Sterling was under pressure on Wednesday after the Uk inflation decelerated sharply to 2.4% in September and the evening Brexit summit failed to deliver a meaningful result.

Sterling fell below the key support level of 1.3100 after the EU officials hardened the stance on the UK saying European Union leaders dropped plans for a Brexit summit in November because not enough progress has been made.