Pound Extends Rise On Upbeat U.K. Retail Sales Data
March 23 2017 - 2:06AM
RTTF2
The British pound continued to be strong against the other major
currencies in the European session on Thursday, after data showed
that U.K. retail sales increased for the first time in four months
in February.
Data from the Office for National Statistics showed that the
retail sales volume grew 1.4 percent month-on-month in February,
reversing a 0.5 percent fall in January and bigger than the 0.4
percent expected increase.
On a yearly basis, retail sales volume growth accelerated to 3.7
percent from 1 percent in January. This was also faster than the
expected 2.6 percent.
Excluding auto fuel, retail sales volume climbed 1.3 percent in
contrast to a 0.3 percent fall in January. Sales were expected to
grow 0.3 percent. The annual growth in sales volume, excluding auto
fuel, improved to 4.1 percent from 2.1 percent. Economists had
forecast a 3.2 percent rise.
In the Asian trading, the pound rose against its major rivals.
In the European trading, the pound rose to nearly a 1-month high of
1.2527 against the U.S. dollar, a 3-week high of 1.2444 against the
Swiss franc and nearly a 3-week high of 0.8605 against the euro,
from early lows of 1.2463, 1.2365 and 0.8654, respectively. If the
pound extends its uptrend, it is likely to find resistance around
1.26 against the greenback, 1.26 against the franc and 0.85 against
the euro.
Against the yen, the pound edged up to 139.14 from an early low
of 138.39. The pound may test resistance around the 141.00
region.
Looking ahead, U.S. weekly jobless claims for the week ended
March 18, U.S. new home sales data for February and Eurozone
consumer confidence index for March are slated for release in the
New York session.
At 8:45 am ET, Federal Reserve Chair Janet Yellen will deliver
opening remarks at the Federal Reserve System Community Development
Research Conference, in Washington DC.
At 12:30 pm ET, Federal Reserve Bank of Minneapolis President
Neel Kashkari is expected to speak about the US education outcomes
and achievement gaps at the Federal Reserve System Community
Development Research Conference, in Washington DC.
At 1:00 pm ET, Swiss National Bank Governing Board Member Andrea
Maechler will deliver a speech titled "The SNB Investment Policy
and its Peculiarities" at the Money Market Event, in Zurich.
Sterling vs Yen (FX:GBPJPY)
Forex Chart
From Apr 2024 to May 2024
Sterling vs Yen (FX:GBPJPY)
Forex Chart
From May 2023 to May 2024