Pound Weakens As U.K. Retail Sales Disappoint
19 Enero 2024 - 1:36AM
RTTF2
The pound fell against its major counterparts in the European
session on Friday, after a data showed that the nation's retail
sales declined more than expected in December.
Data from the Office for National Statistics showed that retail
sales declined 3.2 percent on month in December, reversing the 1.4
percent increase in November. The decline was also bigger than
forecast of 0.5 percent drop.
Excluding auto fuel, the retail sales volume decreased 3.3
percent, in contrast to the 1.5 percent expansion a month ago.
Sales were expected to fall moderately by 0.6 percent.
Non-food store sales volumes fell 3.9 percent and food store
sales volumes were down 3.1 percent. And automotive fuel sales
volumes decreased 1.9 percent.
On a yearly basis, overall retail sales declined 2.4 percent
after a 0.2 percent gain. Likewise, sales excluding auto fuel
dropped 2.1 percent following a 0.5 percent gain.
Sales volumes fell 2.8 percent in 2023 and were their lowest
level since 2018, the ONS said.
The pound edged down to 1.1003 against the franc and 1.2665
against the greenback, from an early high of 1.1037 and a 3-day
high of 1.2714, respectively. The currency is poised to challenge
support around 1.08 against the franc and 1.24 against the
greenback.
The pound weakened to 0.8586 against the euro and 187.40 against
the yen, from a previous multi-week high of 0.8550 and a multi-year
high of 188.92, respectively. The currency is likely to locate
support around 0.88 against the euro and 179.00 against the
yen.
Looking ahead, Canada retail sales for November, U.S. existing
home sales for December and University of Michigan's preliminary
U.S. consumer sentiment index for January will be released in the
New York session.
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