Unexpected Decline In U.K. Retail Sales Drags Down Pound
25 Marzo 2022 - 11:23PM
RTTF2
The pound weakened against its major counterparts in the
European session on Friday, after a data showed that the nation's
retail sales fell unexpectedly in February.
Data from the Office for National Statistics showed that the
retail sales volume dropped 0.3 percent month-on-month, in contrast
to the 1.9 percent increase in January. Sales were forecast to
climb 0.6 percent.
Excluding auto fuel, retail sales volume decreased 0.7 percent,
reversing the 1.7 percent increase a month ago. Economists had
forecast a 0.5 percent increase.
On a yearly basis, retail sales grew 7.0 percent but slower than
the revised 9.4 percent increase logged in January and the expected
7.8 percent rise.
Similarly, annual growth in retail sales, excluding auto fuel,
slowed to 4.6 percent from 7.5 percent in January. Sales were
forecast to climb 5.6 percent.
The pound fell to 160.04 against the yen and 1.3171 against the
greenback, off its early near a 6-year high of 161.49 and a 2-day
high of 1.3225, respectively. The pound is likely to challenge
support around 157.00 against the yen and 1.29 against the
greenback.
The pound slipped to a 10-day low of 1.2209 against the franc
and a 3-day low of 0.8364 against the euro, following its prior
highs of 0.8332 and 1.2268 respectively. The pound is seen finding
support around 1.19 against the franc and 0.86 against the
euro.
Looking ahead, University of Michigan's final consumer sentiment
index for March, U.S. pending home sales and Canada manufacturing
sales for February will be released in the New York session.
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