Pound Strengthens Following Unexpected Rise In U.K. Retail Sales
20 Septiembre 2018 - 12:59AM
RTTF2
The pound climbed against its major opponents in the early
European session on Thursday, after a data showed that U.K. retail
sales grew unexpectedly in August.
Data from the Office for National Statistics showed that retail
sales volume, including auto fuel, gained 0.3 percent
month-on-month in August, slower than the 0.9 percent increase seen
in July and in contrast to the expected fall of 0.2 percent. This
was the second consecutive rise in sales volume.
Sales excluding auto fuel, also advanced 0.3 percent after
rising 1.1 percent a month ago, while economists had forecast a 0.2
percent fall.
On a yearly basis, retail sales volume growth slowed to 3.3
percent from 3.8 percent in July. Nonetheless, the pace of increase
exceeded the expected 2.3 percent.
Similarly, excluding auto fuel, retail sales climbed 3.5 percent
after rising 4 percent in the previous month. Economists had
forecast a 2.4 percent rise.
European shares rose as investors brushed aside concerns about
trade wars and looked ahead to next week's Federal Reserve meeting
for directional cues.
The pound climbed to more than 2-month highs of 0.8854 against
the euro and 1.3217 versus the dollar, from its early lows of
0.8890 and 1.3135, respectively. The pound is seen finding
resistance around 0.87 against the euro and 1.34 versus the
dollar.
The pound advanced to 1.2769 against the franc and 148.35
against the yen, reversing from its previous lows of 1.2699 and
147.35, respectively. On the upside, 1.29 and 150.00 are likely
seen as the next resistance levels for the pound against the franc
and the yen, respectively.
In the New York session, U.S. weekly jobless claims for the week
ended September 15, leading index and existing home sales for
August are scheduled for release.
At 10:00 am ET, Eurozone advanced consumer sentiment index for
September will be out.
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