Pound Slides As UK Retail Sales Weakest Since May 2017
18 Enero 2019 - 1:11AM
RTTF2
The pound slipped against its major counterparts in the European
session on Friday, as a data showed that UK retail sales declined
to over a one-and-a-half year low in December.
Data from the Office for National Statistics showed that the
seasonally adjusted retail sales including auto fuel decreased 0.9
percent from November, when they grew 1.3 percent. Economists had
expected a 0.8 percent decline.
On a year-on-year basis, retail sales rose 3 percent in December
following a 3.4 percent increase in the previous month. Economists
had expected a 3.8 percent growth.
Excluding auto fuel, the retail sales volume fell 1.3 percent
monthly in December, which was the biggest drop since May 2017,
when sales deceased 1.6 percent. In November, sales grew 1 percent.
Economists were looking for a 0.8 percent decline.
Compared to the same month a year ago, retail sales rose 2.6
percent in December following a 3.5 percent increase in November.
Economists had expected a 3.6 percent increase.
Investors cautiously await talks on Brexit, after U.K. Prime
Minister Theresa May told Jeremy Corbyn that it is impossible to
rule out no deal scenario as a prerequisite for Brexit.
The PM is set to present her new plan to the House of Commons on
Monday, with a full debate and key vote scheduled on January
29.
The currency traded mixed against its major counterparts in the
Asian session. While it rose against the yen and the greenback, it
held steady against the franc. Against the euro, it dropped.
The pound depreciated to 0.8820 against the euro, after rising
to 0.8766 at 5:30 pm ET. If the pound falls further, 0.90 is
possibly seen as its next support level.
Having advanced to 1.2994 against the greenback at 5:30 pm ET,
the pound reversed direction and retreated to 1.2927. The pound is
seen finding support around the 1.28 region.
The pound fell to 1.2850 against the franc, from a high of
1.2914 seen at 5:30 pm ET. The next possible support for the pound
is seen around the 1.26 level.
Reversing from an early high of 142.08 against the yen, the
pound edged down to 141.49. The pound is likely to find support
around the 140.00 region.
Data from the Ministry of Internal Affairs and Communications
showed that Japan consumer prices rose 0.3 percent on year in
December.
That was in line with expectations and down from 0.8 percent in
November.
In the New York session, Canada consumer inflation for December,
U.S. industrial production for the same month and University of
Michigan's preliminary consumer sentiment for January are scheduled
for release.
At 9:05 am ET, Federal Reserve Bank of New York President John
Williams will deliver a speech about the economic outlook and
monetary policy at the New Jersey Bankers Association's Economic
Leadership Forum.
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